Becker had a great post on billionaires that you can read here. My favorite quote:
Still, there is pressure in most countries to tax heavily the very wealthy. One possible reason to do so would be to prevent their children and other descendants from having large advantages over descendants from financially modest families. But to help in equalizing opportunities, taxes should be on inheritances, not as in the US and many other countries, on estates. Even inheritance taxes, however, do not reduce the advantages from growing up in very wealthy environments, nor do they affect the huge head start from being raised in educated households that are not wealthy. From the perspective of getting a better education and higher earning power, having educated parents is considerably more advantageous than having very wealthy parents.
We'll be off for most, if not all, of Thanksgiving. At the latest we'll be back blogging next week - until then, Happy Thanksgiving!