. . . . individual wealth is a product not only of hard work and smart choices but of the society that provides the fertile soil for success. They don’t subscribe to the “Great Man” theory of wealth creation but contend that society’s investments, such as economic development, education, health care, and property rights protection, all contribute to any individual’s good fortune. With the repeal proposed by the Bush administration, we might be facing the future that Teddy Roosevelt feared—where huge fortunes amassed and untaxed would evolve into a dangerous and permanent aristocracy. Repeal would drop federal revenues $294 billion in the first 10 years; some $750 billion would be lost in the second decade, not to mention that the U.S. Treasury estimates that charitable contributions would drop by $6 billion a year.
Another one for my reading list. Looks like I need to follow Frank’s lead and learn more about Teddy: his name is all over stuff here in Seattle, so it’s crossed my mind before.