You want meritocracy but lament it in action? If those girls can't manage that wealth, they will lose it to those with merit. It may take their lifetime to run the well dry, but it will be run dry, and who knows? THEIR kids may not be quite as dumb as they are, having been raised seeing what a waste their mothers are making of things, and therefore bring the wealth management back to where their grandfather had it. And if not? If they lose it? Meritocracy at work.
Well you fail to realize that the greatest loss for society is not the luxury yacht or plane for 100m$. It is the billion dollar factory that doesn't have the sound reason to exist, or any kind of other failed business decision. Yes, they loose the money, but worse, society loose ACTUAL VALUE (or whatever its called). It is effectively WASTE from a society PoV. (as in that workpower and materials could have been used to make a sound factory, or schools, or whatever that somehow produces value)
This is why it is so important, that an actual meritocracy is put in place. Not one based on inheritance. We need to give the best people the chances they deserve.(FYI Soros and Buffet even think along the same lines, although not as extreme as I propose. They are probably far more in the know about what is good and realistic, and how to present it though)
http://www.forbes.com/sites/peterjreilly/2012/12/11/warren-buffett-and-george-soros-want-higher-estate-tax-than-obama-proposes/Edit: Also, googles founders and Elon Musk didn't inherit anything worth mentioning afaik. Those stories are even more likely in Death Tax world, because there will simply be more opportunities spread more out, lower taxes for all, and possibly more free assets to develop. Believe me, there will still be super-rich in the proposed system, the difference is that they have made that wealth themselves.
The idea sounds like socialism, but it's actually just a fix to make capitalism/meritocracy work
better and as intended. Now I would love to vote for the right wing in Norway, but the first thing they did was to cut inheritance tax to zero...
good for me I guess.. No. Take the big companies when the owners die and sell them to people who made their own money. Then we will see effective, dynamic companies, not dying behemoths/milk cows.