How Inherited Wealth Justifies Itself in America
Just as with any form of wealth, inherited wealth often faces scrutiny and questioning. However, the assumption that all wealth is illegitimate and should not exist is fundamentally flawed. Wealth, in its various forms, serves a crucial role in our society and plays a vital function that cannot be simply dismissed.
Understanding the Legitimacy of Inherited Wealth
The concept of inherited wealth in America raises questions about its legitimacy. It is imperative to address these concerns by examining the nature of such wealth and the responsibilities that come with it.
One key aspect of inherited wealth is the responsibility to pay taxes. If inherited wealth is used to make substantial contributions to the public good, there should be no issue. Similarly, individuals who work within their means and live modestly do not necessarily require expensive gadgets or lavish vehicles. The pursuit of luxury is a personal choice, and society should not penalize such choices based on financial status.
Legitimate Wealth and Its Moral Justification
When parents pass on their wealth to their offspring, they do so based on their judgment of what is best for their children. Just as someone who has built wealth through diligent effort is free to transfer that wealth to their heirs, the same principle applies when that wealth is inherited. Intelligence, the creation of a business, and fame are all legitimate ways to acquire wealth, and these should be recognized as such.
However, it is important to distinguish between individuals who derive their wealth through personal talent and those who benefit from the social status of their parents. For instance, actors, singers, and other public figures often use their fame to provide their children with certain advantages. Yet, such parents often protest when others excel, ignoring the fact that their own successes stem from their visibility and platform rather than tangible social value.
Reforming Social and Academic Inequities
Academic institutions, in particular, frequently face criticism for their treatment of wealthy and influential parents. These donations often distort the admission process, favoring candidates based on their family's financial resources rather than their academic merit. This practice perpetuates inequities and undermines the integrity of higher education.
To address this issue, it is essential to shift the focus from taxpayer-supported subsidies and pandered admissions criteria to a more transparent and merit-based system. Universities should be accountable to ensuring that admissions are based on academic excellence, not merely on the donor’s influence.
Conclusion
In conclusion, inherited wealth holds no need to legitimize itself when it has been acquired through legitimate means. It is the responsibility of individuals who inherit wealth to use it for the greater good, much like those who earn it themselves. Society should not question the legitimacy of inherited wealth as long as it is used properly and responsibly.
Lastly, it is critical to reform systems that benefit wealthy individuals at the expense of social equity. By focusing on merit and academic achievement, we can create a more fair and just society.