“I Was Taught from a Young Age to Protect My Dynastic Wealth”(theatlantic.com)
theatlantic.com
“I Was Taught from a Young Age to Protect My Dynastic Wealth”
https://www.theatlantic.com/ideas/archive/2021/06/abigail-disney-rich-protect-dynastic-wealth-propublica-tax/619212/
9 comments
A Beautifully silly article. The article over looks the very truth that knowledge is power, hard work is needed and governments are to serve the people; if they don't serve or cannot they are competition. The government's and kingdoms form to "serve" and meet the needs of the people within it. They never ever get out of hand and always place the people's needs first as they should. Lol, yeah right. This is too far from the truth. America was founded on folks aware of the unkept promises of various governments via the headright system. Folk provided their time and we're compensated with wealth via land grants. On such land they could do anything with the terms of the land grant. Fair is Fair until the government realizes that people do great without them. Thus emigration is encouraged so those out the know will leave their land and expand the government's managed land. This article so silly here in America to one who knows the history of the US. As a indigenous human of this land, the government has done little to nothing to remain or prove their in service to people; whatever your race is Citizenship doesn't have a color or come with equal rights. At about 20-21yrs a two different professional me pulled me aside and told the same principles and how to structure my finances etc. Most important advice I've gotten almost to date and holds the test of time. Married, 5 children and counting, several hundred acres through N American, no loans, the formula actually works because US attempts to be democracy anchored in law. And I hate to be Mr obvious but America this the last standing democracy where the government has to serve the people and people serve thier people which in turns the people. Like stop. Your rich, no cares and it's ok... tell the readers the importance of over stand taxation. So silly.
I'm having a tough time understanding this comment. You're saying we all need to give up on the government and move out to our own plot of rural land?
Starter comment (shamefully) pulled from Reddit's FatFIRE community: https://www.reddit.com/r/fatFIRE/comments/o25gxo/i_was_taugh...
> My grandfather Roy O. Disney, who co-founded the Walt Disney Company with his brother Walt, was a fervent believer in this idea. He was so determined to prevent the government from taking any of the money he wanted to leave to his family that he created generation-skipping trusts to end-run the IRS. What he did back then was so effective that most of it is illegal today.
> I will protest to my dying breath that he was a good man—one of the best, in fact.
> But I will also add, at the very end of that dying breath, that he should not have been able to do that.
Would love to hear some chatter from HN.
> My grandfather Roy O. Disney, who co-founded the Walt Disney Company with his brother Walt, was a fervent believer in this idea. He was so determined to prevent the government from taking any of the money he wanted to leave to his family that he created generation-skipping trusts to end-run the IRS. What he did back then was so effective that most of it is illegal today.
> I will protest to my dying breath that he was a good man—one of the best, in fact.
> But I will also add, at the very end of that dying breath, that he should not have been able to do that.
Would love to hear some chatter from HN.
I was curious about Disney (the company) after reading this article, and was somewhat surprised that the Disney family no longer seem to have any control or significant share holdings (<3%).
Seems like a hell of a lot divested in just 2 generations.
Seems like a hell of a lot divested in just 2 generations.
Even Bill G doesn't own a lot of Microsoft stock. They (the super rich or most likely their money advisors) know that diversifying will bring much better yields and safety.
@postpawl. Not at all. I'm saying capital is to be used to hedge inflation by securing the wealth of assets available; land; gold etc. Additionally, I'm saying money/capital is to be used appropriately to avoid the shortfalls witnessed in many other governments. America is build on the promise of wealth and it healthy to secure assets and knowledge of wealth for one's family.
This article article gives a nice view inside the thinking of the very, very rich, also known as the ruling class or the capitalists.
The question is, if you have a society where wealth=power, why not have a stable concentration of both ruling? The alternative doesn't seem to be a broad-based democracy but a relentless fight of millionaire against millionaire where the majority is even powerless.
The question is, if you have a society where wealth=power, why not have a stable concentration of both ruling? The alternative doesn't seem to be a broad-based democracy but a relentless fight of millionaire against millionaire where the majority is even powerless.
Sorry, what? Your solution to the problem of the wealthy undermining democracy is just to say, "Screw it, let's go all-in and have a plutocracy"?
Most countries in history tried that system, and it was universally bad.
Most countries in history tried that system, and it was universally bad.