America's cultural ideal has been the self-made entrepreneur while Europe's was rooted in aristocracy, with status inherited rather than earned. Europe's inheritance laws show this divide.
Many European countries have "forced heirship" laws that require people to leave 50-75% of their estates to their children. Want to leave the majority of your wealth to charity? not allowed. Your kids are estranged from you, struggling with addiction, or irresponsible? still required to give them the money. Want your kids to avoid a life of entitlement? tough.
Incredibly, these laws look back at transfers made during your lifetime. If you have 3 children in France, you're required to bequeath them a minimum of 75% of your estate. Because French law calculates this based on your assets at death plus all lifetime gifts, giving away more than 25% of your wealth while alive means your heirs can legally sue to force charities or foundations to return the funds. This has limited the development of the nonprofit sector on the continent.
The cultural gap between an entrepreneurial society and one shaped by dynastic wealth is enormous. If you make it yourself, you tend to want your kids to do the same. If you inherit it, the primary goal is protecting the estate for the next gen.
Countries like Spain, France, and Italy legally entrench family dynasties, while America has historically sought to limit them through estate taxes. The result is not only a weaker culture of philanthropy and civil society in Europe, but also less economic dynamism.
Palantir cofounder @JTLonsdale:
“It’s very easy to break the innovation economy.”
“When I was at PayPal, there were multiple times when Spitzer here in NY almost took it out… if he had succeeded, we would not have Tesla, LinkedIn,YouTube, SpaceX…”
I completely missed that Republicans introduced a bill to increase the endowment tax from 1.4% to 21%. If passed, Harvard would go from paying ~$35m to $525m/yr in federal taxes (that’s 8.2% of its current operating expenses)
This is my application @JeffBezos, to return to the @PostOpinions as its editor. It would take about six weeks to make it interesting and dynamic again.
For too long, the Deep State has corrupted government agencies & contributed to waste. That’s why we're working with the new Department of Government Efficiency to slash far-Left bureaucratic funding & Deep State corruption.
Join us in defending DOGE: https://t.co/mQsMQ6cUeC
Ever wonder why they use high-fructose corn syrup instead of cane sugar to make Coke™️ in the U.S.—even though they use cane sugar outside the U.S. & many consumers prefer it & many even pay a premium for imported Coke from Mexico?
Congratulations to @SpeakerJohnson on his election as Speaker of the House! He is a principled leader who values faith, freedom, and the rule of law. We look forward to working alongside him as he leads and serves the American people.
President @realDonaldTrump has endorsed @SpeakerJohnson to lead the House as part of the Republican Trifecta that will implement the America First Agenda.
@SpeakerJohnson is the right man for the job.
https://t.co/kv6B3ZH27b
Watch @SenJohnThune call out Democrats’ hypocrisy over their attacks on the Supreme Court and flip-flopping on the filibuster. He’s going to make a great Majority Leader:
“If there’s one thing we’ve learned over the last few years, it’s that Democrats firmly believe that the only legitimate government is a Democrat government. Take Democrats’ campaign to undermine the legitimacy of the Supreme Court. Let the court issue any decision Democrats don’t like, and these days you can be confident you will hear some Democrat decrying not just the court’s decision, but the court’s legitimacy. Never mind the fact that this court, like others before it, is composed of nine justices duly nominated and confirmed in accordance with the Constitution. Or that so-called liberal justices and so-called conservative justices vote together a substantial percentage of the time. This court sometimes issues decisions Democrats don’t like, and therefore, in their view, the court is somehow illegitimate. Mr. President, I find it ironic that a party that has spent a fair amount of time this election cycle talking about the importance of preserving our democracy seems intent on embracing the thoroughly undemocratic notion that only one party should be making the decisions in this country. Well, I hate to tell Democrats, but that’s not how it really works.”
Congratulations to my friend @EliseStefanik on her nomination to serve as US Ambassador to the United Nations. A champion of American values and defender of Israel, we look forward to her swift confirmation so that she can get to work advancing President @realDonaldTrump’s agenda at the UN.
Chuck Todd warns the Kamala Harris campaign that by avoiding interviews, she is raising the stakes and increasing the level of scrutiny:
Chuck Todd: "Her campaign has now raised the stakes for her first one or two sitdown interviews. More words and phrases will get scrutinized simply because the campaign and the candidate are behaving as if doing these interviews is about as interesting to them as a visit to the dentist's office."
"It only reinforces this negative stereotype going into this race that 'She hand wrings too much, she takes too long'
There's a fine line between being deliberative, and being paralyzed by a decision.
The way they've handled this media stuff, it's been a mistake."
Gabe Gutierrez: "Can you think of a time in recent memory that a presidential candidate went 38 or 39 days without giving a press conference or sit down interview?"
Chuck Todd: "They're now just playing into her perceived weakness. Any fumble now is going to be overly scrutinized in this interview."
Trump has had the ultimate pressure on him his entire campaign. 'Win the election or you die in jail'
Kamala Harris cannot handle picking which friendly media personality will provide her softballs.
Dear media: Maybe Kamala Harris would take you seriously if you weren't already actively campaigning for her.
Proud to be in a state where @MorriseyWV , @RileyMooreWV have been leading this fight since the beginning.
There are so many in DC, New York and California who wish to end WV’s place as America’s energy hub.
As AG - we will continue this fight, working with our partners like @JordanSekulow to ensure our coal miners, gas workers, steal workers and construction owners are employed and our economy thrives.