We need a system with “regression to the mean” built in.
Savvy investing, business and hard work should get you ahead. The key is that it should be taxed enough and in a way that, unless your children are also exceptional, the generational wealth will tend back towards the average. The same applies from the bottom. Someone from a poor background should be able to pull themselves back up, if their work ethic etc is appropriate.
Right now we have run away in both directions. Wealth begets more wealth, and poverty begets more poverty.
We need a system with “regression to the mean” built in.
Savvy investing, business and hard work should get you ahead. The key is that it should be taxed enough and in a way that, unless your children are also exceptional, the generational wealth will tend back towards the average. The same applies from the bottom. Someone from a poor background should be able to pull themselves back up, if their work ethic etc is appropriate.
Right now we have run away in both directions. Wealth begets more wealth, and poverty begets more poverty.