America Builds an Aristocracy

Congress should put an end to dynasty trusts, which give wealthy families unfair protection against taxes and the claims of creditors.

A nagging question: What exactly is unfair about a dynastic trust?

It is a flow of money that is transferred.

Money, even the hardest of currency, is fiat based and thus fugitive.

Very clever, far above average, management is required to immunise wealth against inflation. We have seen a failure of trust management in the last ten years.

Land is rented from the local government with the property tax. The long time base is vulnerable to eminent domain.

Equities are subject to the vagaries of the market.

Any dynastic trust is a castle on sand if not a sand castle.