I am about to complete The Snowball and Buffett speaks of the estate tax / gift tax and how it is anti-capitalist and anti-meritocratic. I believe he is correct.
For a while now, I have harboured the opinion that income which was taxed when first generated and subsequently taxed when money generated money, need not be taxed again; especially due to the fact that money is flowing from one family member to another.
Warren opines that this is akin to winning the Ovarian Lottery because there is nothing that makes the recipient different from an individual working in a sweatshop elsewhere. This 'transfer' of money should be taxed at the effective rate to bring on a level playing field.
But even taxing it at the normal rate is immoral -may be the tax should be 100%.
What makes you deserve even the Rs. 60-67 of free, sweatless income? Nothing.
If there is something that Ayn Rand influenced me with, it was the level playing field.