Limiting the snowball effect of the wealthy getting wealthier generation after generation through no contribution of their own is considered a societal good. Whether it is can be debated, but Europe seems to be in a happier position regarding that than the US, at the moment. Why is it always the rugged individualists, the pull-yourself-up-by-your-bootstraps proponents who are in favour of receiving unearned money? It feels less like a considered philosophical viewpoint than naked greed.
(and, on a side note, where do you get that you can give unlimited tax-free money to your children in almost every country of the world? I checked the US, France, UK, Spain, Morocco, South Africa and Brazil, and all have limits after which tax apply. China and the Philippines don't, but neither do they have inheritance tax.)
>>Whether it is can be debated, but Europe seems to be in a happier position regarding that than the US, at the moment
I'm Polish and Poland doesn't have any inheritance tax for children, not sure what US has to do with this.
>>I checked the US, France, UK, Spain, Morocco, South Africa and Brazil
Did you really? Here a UK page about this, there is no limitation on how much you can give your children tax free, tax only applies if you die within 7 years after gifting it:
>>Limiting the snowball effect of the wealthy getting wealthier generation after generation through no contribution of their own is considered a societal good
Again, so please tell me why you don't think we should be taxing it at 100%, to maximise the societal good?
I already pay effective rate of 40% of tax on all my earnings - am I not doing enough for "societal good"?
(and, on a side note, where do you get that you can give unlimited tax-free money to your children in almost every country of the world? I checked the US, France, UK, Spain, Morocco, South Africa and Brazil, and all have limits after which tax apply. China and the Philippines don't, but neither do they have inheritance tax.)