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Some People Inherit Money and Wealth That They Did Nothing

question 103

Essay

Some people inherit money and wealth that they did nothing to earn. Why don't we tax inheritance at 100 percent?


Definitions:

Variance

The difference between planned, budgeted, or standard cost and actual cost in accounting.

Standard Costs

The predetermined costs of manufacturing a product or providing a service, used for budgetary and performance evaluation purposes.

Standard Cost

A predetermined cost of manufacturing, serving, or marketing an item, which includes direct labor, direct material, and overhead charges.

Industry Average

A benchmark or norm for a specific industry, calculated as the average of a significant metric (like return on investment) across similar companies.

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