Re:Declining worker power vs. rising monopoly power: explain...
by dlp211 on Wednesday June 03, 2020 @07:05PM
(#23410071)
> The main anecdotes I have are with people who have estates that were big enough to have to worry about what would happen to their businesses when they died, since they couldn't just pass on the business to their heir.
I'm sorry, but this is just the same talking point reframed.
If you have a business that is large enough to be subject to estate taxes, you should have enough time and resources to talk to an estate attorney and learn how to move the assets into an appropriate corporate governance structure such that it is no longer a real issue.
Also, make no mistake, I'm not trying to apologize for people who are already extremely wealthy, who have to deal with this problem. I would love to have the problem of what to do with a company big enough to need to sell it upon my death. I'm merely trying to point out, that estate taxes do have a consolidating effect that feeds mega corporations. What I don't know is if this effect is as big as I suspect it is, or if it's simply dwarfed by other factors, like the general desire to sell out for a big payday.