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The wealth-hoarding by ultrarich families would be equivalent to over four Build Back Better plans.
https://www.commondreams.org/news/2022/02/02/tax-dodging-billionaire-dynasties-could-cost-us-84-trillion-reportOver the next few decades, the richest American families could avoid paying about $8.4 trillion in taxes, or more than four times the cost of the stalled Build Back Better package, according to a report released Wednesday.
"We can fix our broken estate and gift tax system... or we can trust our democracy to a handful of trillionaire trust fund babies."
The Americans for Tax Fairness report—entitled Dynasty Trusts: Giant Tax Loopholes that Supercharge Wealth Accumulation—urges Congress to fix the federal tax code to address dynastic wealth.
The new analysis details how loopholes have made the payment of estate, gift, and generation-skipping taxes—collectively called wealth-transfer taxes—effectively optional for the "ultrawealthy" and thereby accelerate the "accumulation of dynastic wealth."
"Ultrarich families use dynasty trusts—the term for a variety of wealth-accumulating structures that remain in place for multiple generations—to ensure their fortunes cascade down to children, grandchildren, and beyond undiminished by wealth-transfer taxes," the report explains.
"We can fix our broken estate and gift tax system... or we can trust our democracy to a handful of trillionaire trust fund babies."
The Americans for Tax Fairness report—entitled Dynasty Trusts: Giant Tax Loopholes that Supercharge Wealth Accumulation—urges Congress to fix the federal tax code to address dynastic wealth.
The new analysis details how loopholes have made the payment of estate, gift, and generation-skipping taxes—collectively called wealth-transfer taxes—effectively optional for the "ultrawealthy" and thereby accelerate the "accumulation of dynastic wealth."
"Ultrarich families use dynasty trusts—the term for a variety of wealth-accumulating structures that remain in place for multiple generations—to ensure their fortunes cascade down to children, grandchildren, and beyond undiminished by wealth-transfer taxes," the report explains.
