A report released in 2022 revealed that Americans worth over $100 million held $8.5 trillion in untaxed profits, with just 0.05% of households accounting for one-sixth of unrealized capital gains.
These gains are a major income source for the ultrawealthy, remaining untaxed until realized or inherited.
Efforts to address this include the proposed “Billionaires Income Tax” and the closure of the stepped-up basis loophole, but face minimal Republican support.
The untaxed wealth held by the superrich is expected to grow without intervention, exacerbating racial wealth disparities, as 90% of this untaxed wealth is held by white households.
“The superrich truly live in a strange and privileged world,” said David Kass, executive director of Americans for Tax Fairness.
Most Popular:
Fauci’s Ex-Boss Admits The Truth About COVID
‘American Idol’ Producer Sued For Sexual Assault
Trump Announces Heartbreaking Melania-Related Health Update
