Inherited wealth is anti American. It runs contrary both to our opposition to aristocracy and the American Dream of self made success.
First, power in this country is meant to be accountable to the people, and not simply handed off to one's descendants. Everyone with half a brain knows that wealth translates directly into power in this country, and so the ability to pass wealth on stagnates power in the hands of an un-elected elite. Our democratic system was created entirely in opposition to the English aristocracy, and so to mirror it through an informal and thus less accountable monetary system is to betray everything this country was founded on.
Second, in this country, we have the ideal of equal opportunity to succeed for everyone. Starting out rich hardly qualifies. Ensuring that no one is born into poverty is infinitely more important and more moral than protecting inheritance. If we were really serious about a commitment to equal opportunity, and giving everyone a chance to succeed, taxing inheritance and massive fortunes to pay for programs to eliminate poverty would the most appropriate means to do this. It's honestly shameful that the wealthy in this country care so much more for their bank accounts than for living, breathing human beings who are suffering.
These are ideological maxims. I would not advocate abolition of inheritance in its entirety, only that it be subordinate to more important social pressures. Private wealth at the expense of public good is anti American and unpatriotic. And we should use taxes to accomplish the more important goals. Once everyone is taken care of, then those who contribute more to society, like inventors, leaders, artists, and scientists, should be able to do whatever they want to with their leftovers. But the advancement of overall public good (which, of course, makes the whole county wealthier and more prosperous) is much more important.
