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Property and Inheritance.
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such longer term as may be thought equitable. A
more ingenious method is that proposed by the
Italian philosopher, Eugenio Rignano.
Restriction of Bequest.
Rignano traces all the economic evils of modern
society to the separation of labour from the instru-
ment of production. His object is to restore these
instruments to the possession of labour. Directly,
this restoration is impossible, owing to the complexity
of the modern productive system; but indirectly,
through the agency of the State and various co-
operative and syndicalist organisations, it may be
achieved. He differs, however, from most Socialists
in recognising the stimulus to work and save that
private property now affords, and the necessity of
preserving this stimulus if the accumulation of capital
is to proceed.
He proposes, therefore, to leave the right of
succession, but to restrict it to the bare limits neces-
sary if it is to operate as an incentive to wealth pro-
duction and capital accumulation. The restriction
is to be imposed in the form of an inheritance tax,
“ progressive in time.” In other words, instead of
making the tax progressive, like the English Estate
Duties, a higher rate of tax being levied on the larger
estates, he would graduate the tax according to the
distance the estate had passed from the person whose
activity or saving first accumulated it. Thus, the
tax might be 20 per cent. at the first transmission,
40 per cent. at the second, 60 per cent. at the third,
80 per cent. at the fourth, and roo per cent. at the
fifth ; this would mean that on an average all accumu-
lations of wealth would pass to the State by the end
of the third generation after that of the person who
made them.