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The Ultrawealthy Are Sitting On $8.5 Trillion In Untaxed 2022 Profits

via Jeb Brooks on Youtube
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

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.

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