The richest families in the U.S. are set to dodge trillions of dollars’ worth of taxes in the coming decades thanks to tax loopholes, according to a new report.
If lawmakers keep the current maximum estate tax rate of 40 percent, the richest families will dodge roughly $8.4 trillion in taxes over the next 24 years, Americans for Tax Fairness found in its report. Meanwhile, between now and 2045, the top 0.5 percent of wealthy families will pass on an estimated $21 trillion to their heirs.
As the report notes, capturing $8.4 trillion in dynastic wealth would allow the government to implement the Build Back Better Act for the next four decades, as the House-passed version of the bill was slated to cost $1.75 trillion over a decade.
Tax loopholes allow families to avoid the estate tax, gift taxes and wealth transfer taxes. Although Donald Trump and congressional Republicans doubled the estate tax exemption during the first year of Trump’s presidency, Democratic lawmakers didn’t address estate and generational […]
As the New York real estate mogul Leona Helmsley once said: “Taxes are for the little people.”