Thirty-year-old millionaire, Marlene Engelhorn, is an unhappy rich woman. She grew up in Vienna and is co-founder of Tax Me Now, a group dedicated to having taxes increased on inherited wealth.
A profile in the New York Times (October 22) explains her thinking and that of like-minded young millionaires who believe the State—AKA as big government—should confiscate virtually all of the inherited money they have received, which would then be disbursed by nameless faceless bureaucrats in the name of “fairness.”
Is there a dumber idea than having governments take more money from the beneficiaries of rich estates to satisfy their absurd notions of unearned “privilege.” If these woke young wealthy men, women and others are so ridden with guilt about their family’s accumulation of great fortunes, then they could take those funds and create new businesses that would provide jobs and thus incomes for low-income individuals to lift them up.
The great engine of prosperity is capital formation. As Ludwig von Mises pointed out, “There are no means by which the general standard of living can be raised other than by accelerating the increase of capital as compared with population.”
Being an entrepreneur means satisfying consumers’ needs, a task that is apparently too taxing for these youngsters.
So, if Marlene and her “privileged” wealthy, young millionaires want to do good, then the choice is clear, invest in productive enterprises or create a nonprofit organization that would improve the well-being of low-income individuals and families.
The fact that these dumb ideas are given credibility by the New York Times reveals the economic illiteracy of the times.
We need more stories about 30 something entrepreneurs rather than articles about the hand wringing of very confused millionaires.