Imagine two friends. Anna inherits nothing and works for every penny she has, while Mary inherits millions. How should a world that respects individual autonomy and private property rights treat Anna’s earnings and Mary’s inheritance? Should it tax them the same, or tax one more heavily than the other? If the latter, which one? The conventional wisdom holds that although some “right” libertarian theories justify taxing income, none justify taxing inheritances. Such taxes are “expropriations” and “an especially cruel injury” that (...) “run[] roughshod over [a] deceased’s interest in the ends his property will serve.” This essay explores the standard libertarian objections to taxing gifts and bequests and argues that libertarians overstate their case when distinguishing the taxation of gratuitous transfers from other types of taxation. At minimum, the benefit theory of taxation embraced by many minimal statists and classical liberals mandates that the receipt of gifts and bequests should be taxed to the recipient. Moreover, the goals of curbing inherited political power and preventing wealthy families from insulating their members from market competition provide two additional explanations for why taxing inheritances to recipients is compatible with classical liberal values. (shrink)

How can libertarianism—which is thought to be hostile to any redistribution—support universal, unconditional cash transfers in the form of a Basic Income? Surprisingly, many vocal proponents of programmes similar to Basic Income—such as economist Milton Friedman, public intellectual Charles Murray, and eBay co-founder Pierre Omidiyar—are self-described libertarians. As this chapter demonstrates, these and other libertarian proponents are not deviating from libertarian thought: instead, they reflect the nuance and diversity of its theoretical foundations. To that end, this chapter explores several justifications (...) for a Basic Income grounded in libertarianism. By libertarianism, we mean a family of theories that emphasize the right of the individual to be free from coercion, a strong respect for private property rights and the free market, and a presumption that market distributions are just and should be disturbed only in limited circumstances. We argue that each variant of libertarianism justifies, but does not mandate, redistribution, although for differing reasons and at different levels. Because this conclusion runs counter to most readers’ impressions of libertarianism, this chapter focuses on making the libertarian case for redistribution. We further show that once one accepts the case for redistribution, providing such redistribution through unrestricted, unconditional cash transfers best reflects core libertarian principles. (shrink)

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