(View this answer on Musing.io)
They are absolutely right, redistribution of wealth is wrong.
Check out this video from Milton Friedman:
(Milton Friedman clears up misconceptions about wealth redistribution, in general, and inheritance tax, in particular. )
The problem is that there is not really a good system to redistribute the wealth. An inheritance tax would destroy society.
And why would you even want to redistribute wealth in the first place? From an ethical standpoint rich people don't owe anything to poor people. Besides that soaking the rich won't work because they are productive with their money.
What do you think rich people do with their money, do they put it under their pillows? No, they keep investing it. That's how most get rich(, unless you won the lottery.) If you take their money away, who will then end up owning all the factories and create jobs?
Our society is run by individuals pursuing their own self interest. Where does innovation come from other than people investing their own funds to set up businesses? If you take away the financial incentive, you will kill the advancement of whole society.
