They also get that way by inheriting wealth, by buying favorable laws and regulations, by anticompetitive practices (we've seen a few in the IT sector), and by other problematic behavior.
I agree that free markets are great in principle but your comments seem dogmatic - all free markets and only free markets. The conversation would be much more interesting if it was about the nuances.
Then their parents must have been billionaires, generating it with investments. If the inheritors divest from those investments, then they incur enormous income taxes. So it's likely to stay.
> by buying favorable laws and regulations,
Then it's not free market. There is no government system that is immune from buying influence and corruption.
> by anticompetitive practices (we've seen a few in the IT sector), and by other problematic behavior.
Nothing is perfect.
> The conversation would be much more interesting if it was about the nuances.
Perhaps, but nuances do not drive prosperity. It would also be more interesting if you showed me a prosperous socialist economy.
But when they die the basis for the capital gain is the value at the time of death, not the original value, so you basically sidestep capital gains taxation, your children or spouse pay back the loan and get a ton more money than they would otherwise.
I'm not an expert on taxation, but this is something people have been complaining about for a long time.
> Then it's not free market. There is no government system that is immune from buying influence and corruption
The point is that if you're forced to put your money into industries / r&d etc then you don't have enough money to bribe people / political parties / news outlets etc.
I agree that free markets are great in principle but your comments seem dogmatic - all free markets and only free markets. The conversation would be much more interesting if it was about the nuances.