House of Eratosthenes

On the subject of Warren Buffet bequeathing his billions of dollars to the Bill and Melinda Gates foundation, for the express purpose of avoiding the death tax. Which Buffet favors, with a passion, by the way.

My comments to the liberal blogger who is headed to my sidebar, the CEO And Chief Bottle Washer of Reason Reigns. He has submitted a comment in our brief (so far) exchange. A comment fairly riddled with holes. His comment consists of more hole, than stuff in which to make a hole. Begging for a good smackdown, he is.

Here is a transcript of the original post, plus our comments.

Buffett’s Billions
US billionaires try to explain giveaway

At least some people “get it”.

This news as the estate tax is under attack by the neocons who portray it as theft. Buffett supports the estate tax for its role in emphasizing merit over inheritance as the means for advancing in American society:

Buffett said he wanted to avoid “dynastic inheritance,” where people born into wealthy families get unfair head starts over the less fortunate.

Buffett said his children control the other foundations to get the stock, but he will not leave them “huge amounts” for their personal use. He said his philosophy is “that a very rich person should leave his kids enough to do anything but not enough to do nothing.”

If you believe in capitalism, you believe in the market rewarding innovation, creativity and hard work… Brats running around spending the millions their parents accrued while contributing next-to-nothing don’t fit that model.
——————

…that a very rich person should leave his kids enough to do anything but not enough to do nothing.

I agree completely. If I’m fortunate enough to put together the kind of personal fortune Warren Buffet has, I’m going to leave enough of it for my kids that they can do anything but not enough that they can sit around doing nothing.

I fail, and not just a little bit, I fail entirely, to see what this has to do with the Government. What is their stake in this? Nobody has yet explained this to my satisfaction. Ever.

Posted by mkfreeberg | 7:12 AM
——————
Well, government is the agent that protects us and our freedoms.

Wealth represents power… wealth in and of itself is not a bad thing — but in our society wealth buys power.

I also believe in the free-market. Ideas, products, services, etc. are supposedly judged on their merit. Allowing corporations/people with VAST resources to squelch ideas is anti-free market. We’ve seen this behavior before: it was called the age of the Robber Barons. Such circumstances are the natural result of capitalism in an unregulated marketplace.

I believe government has a role in leveling the playing field � to get closer to the idea that “all men are created equal”. In our society the individual�s “financial birthplace” is about the biggest factor in determining success/failure. Your “class” correlates very closely with the level of education and success you have in life.

If government doesn�t regulate this — who will?

Posted by Reign of Reason | 8:54 AM

Okay, kiddies. Reign of Reason is wrong, but he isn’t just wrong and nothing more. He is wrong, like, six times, about six different things.

Half a dozen things. He got ’em wrong. They are big, glaring defects in logic, and I’ve got them stored on my Palm Pilot. I won’t upload them here, not yet. You take a stab at them first.

What did he get wrong? Enter comments below.

Ok — I’ll bite: what’s “wrong” with my “opinion” and line of reasoning.

Why do people think that un-bridled wealth/power is a good thing for society?

Capitalism/free-markets are considered to be �good� right??

Why?? Have you asked yourself??

One reason: Because they reward the individual based on his �effort� and the worth that effort provides to society. Capitalism motivates individuals and groups to produce the goods and services SOCIETY wants� It rewards the individual and serves the social good.

So, for precisely those reasons I support the inheritance tax.

Unchecked, capitalism will give rise to huge in-equalities. These inequalities are so big that they undermine the foundation of capitalism itself by allowing those with power to squash otherwise good ideas (e.g. � 1- airlines selling tixs at a LOSS in some markets just to keep lower cost, more efficient competitors out� 2- The practice of chip dumping, where companies sell micro-chips at a loss to ensure a competitor actually goes out of business. Etc. etc.)

Perhaps you long for the gilded age? � the abolishment of anti-trust legislation?

No theoretical system of commerce is perfect� Capitalism included. Implemented in their purely theoretical form they give rise to tyranny just as surely as communism or socialism.

Inherited wealth, likewise, is NOT a reward for innovation and work. It perpetuates a model of privilege. In fact, the model that our founding fathers were fleeing from�

You realize even Ben Franklin proposed that laws restrict the accumulation of wealth. Many of the founders feared the ascendancy of an American aristocracy.

The facts are clear� even with the inheritance tax the gap between the wealthiest among us and the middle-class is growing at an accelerated rate.

Government is the tool we have to manage this condition� and it should be used for the good of society.
- Reign of Reason | 07/07/2006 @ 20:24
James Bostwick at Newsblog Central has scored one hit. Five to go.
- mkfreeberg | 07/07/2006 @ 22:50

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