November 29, 2021 - Participants Include:
David Lesperance - Lesperance Associates
Continuing our podcast series:
In this episode we continue with The Teaching of Charles Adams Lesson 6:
6. "Nature will not bestow wealth equitably. A few citizens will inevitably acquire great wealth, which by natural justice they should share with the community. But this sharing should be enforced by moral persuasion and a strong public opinion, not force and confiscation."
This lesson invites the discussion of how (or whether) the wealth acquired by the wealthy should be made available to society for the greater good.
Government: On the one side we have:
Governments who will simply confiscate wealth through confiscatory confiscation.
On the other side we have:
Private Philanthropy: Private individuals who through gifting choose the causes that the wish to support.
Can wealth be better deployed for the public good through individual giving/sharing or through government confiscations? In the 1960s Sir John Templeton (when the Subpart F rules were enacted) renounced his US citizenship. Free of US taxation he was able to deploy his wealth (and he most certainly did) for the benefit of mankind.
The current trend is to more confiscation. There is evidence that the trend toward confiscation is continuing to encourage more and more expatriations.
Listen to our discussion ...