FYI: In the early 1900s, Andrew Carnegie was one of the world’s richest men. Much like Warren Buffett today, he refused to leave a fortune to his family. He said, "The parent who leaves his son enormous wealth generally deadens the talents and energies of the son…”
Many proponents of the U.S. Estate Tax would agree. In 2006 one of the heirs to the Johnson & Johnson fortune, Jamie Johnson, created a documentary called The One Percent. In it, political economist Robert Reich said that passing down large sums of wealth, from one family generation to another, isn’t fair. "If we continue to reduce the estate tax on the schedule we now have, it means that we are going to have the children of the wealthiest people in this country owning more and more of the assets of this country...It's unfair; it's unjust; it's absurd.
Regards,
Ted
http://assetbuilder.com/andrew_hallam/how_us_estate_taxes_could_hammer_non_american_expats
