We need to eliminate generational wealth because in your example of the hustler who didn’t mention the rich uncle, they’re competing against people without that advantage. What ends up happening is an economy where familial wealth is a bigger determinant of success than other factors, like skill.

Simply put, generational wealth promotes a less innovative and less efficient economy. Tax policies like step up cost basis serve zero purpose except to allow the already powerful to amass more power without doing any actual work or serving a purpose.

I get this article is trying to promote more intangible things but it’s incredibly tone deaf and ignorant of how generational wealth affects those without generational wealth. It doesn’t need a rebrand. It needs elimination.

Expand full comment