I'd also assume that for the families who don't squander their resources in three generations indicates they are actually good with money. And as a family probably make wise investments that support the economy in a healthy way.
So we don't need estate tax because 1) most families will spend it all frivously anyway 2) the ones who don't are likely the best custodians of wealth in a nation
I was not commenting on the tax issue, simply providing a personal account of what that parent post described about cyclic wealth across generations. Certainly my parents have been exceptional at money management and provided stability and support for their children so they could have opportunity and find their own prosperity.
They told us kids not to expect money, they will spend it or donate it before the govt gets it.
Setup a trust to maintain wealth across generations without all the inheritance issues
So we don't need estate tax because 1) most families will spend it all frivously anyway 2) the ones who don't are likely the best custodians of wealth in a nation