Inherited Wealth 
Wednesday, October 3, 2007, 04:14 PM
Selena Roberts over at the New York Times has an excellent column where she explores the bizarre, irrational, and exceptionally hostile work environment over at Madison Square Garden. She details how the owner, James L. Dolan, was placed there by has father and has since embarked on a campaign of managerial ineptitude.

While not directly mentioned, this does an excellent job of making the point that inherited wealth is really a scourge on our society. Andrew Carnegie, perhaps the richest man of his time, despised inherited wealth, going so far as to say:
It were better for mankind that the millions of the rich were thrown into the sea than so spent as to encourage the slothful, the drunken, the unworthy

By the time he died, he had given away 90 percent of his fortune.

He, as I do, advocated a heavy estate tax that provides the rich with the option of either giving a large portion of their money away in their lifetime, or handing a significant portion of it over to the government when they die. The recent drive by certain senators to eradicate the estate tax stands in firm opposition to efforts to build a more merit based society. In fact, this campaign is almost entirely funded by a group of the 18 wealthiest families in the country who have invested over $200 million in this effort to ensure that their money is not used for the public good.

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