Ultra-Wealthy Families Avoid $8.5 Trillion in Taxes on Capital Gains as Inequality Grows, Court Case Threatens Wealth Tax
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Ultra-wealthy families held $8.5 trillion in untaxed capital gains in 2022, according to a report from Americans for Tax Fairness. This represents 18% of the nation's total unrealized gains.
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These gains come from assets like stocks and real estate that increase in value but are not taxed until they are sold ("realized"). This allows the ultra-wealthy to leverage their wealth without paying taxes.
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The wealthiest 10% of households hold 73% of America's total wealth, while the top 1% holds 35% and billionaires hold 11%. This demonstrates growing wealth inequality.
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The Supreme Court will soon decide a case brought by a billionaire couple that could make wealth taxes impossible and allow the ultra-wealthy to avoid paying taxes.
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Conservative groups backed by billionaires are supporting the case, demonstrating the ultra-wealthy's coordinated efforts to hoard wealth while minimizing tax contributions.