Also, strongly recommend turning on extended thinking. I wish it showed the chain of thought like with DeepSeek, because once you can see that you can really intuit how AGI might happen using the basic tech we have now.

Thank you!

Thank you! I think the biggest factor by far here is that the barriers we put up to investment mean the returns to investments are low, so saving rates end up being low (higher returns to saving, higher savings rates). There are other factors too but that is the most significant imo.

Surely it's not a real name?!

Marvellous – what a great project, and a great pairing.

As I say, I approve of it!

Real economic resources are being used if your niece does work for you. Taxing that in one case but not another would be distortionary. Whereas a transfer given without anything in return doesn't involve any economic cost. And we DON'T currently tax any other transfer like that, even betting wins.

Yes, all that is taxed exactly as much as if you do it for yourself. Whereas your assets are taxed at a 40% marginal rate if you leave it to your children, but not at all if you consume them all for yourself.

Certainly you shouldn't be able to avoid tax just by dying. I'm not really convinced that a tax on house price gains is desirable, but if we had one, it should apply in the same way to homes transferred at death. But *only* taxing houses transferred at death is crazy!

Don't we have "market forces" to do that? Why would we want an extra tax?