Proposal to Tax Untapped Gains of Ultrawealthy Could Generate $500B, Address Racial Wealth Divide
• Americans worth over $100M sat on $8.5T in untaxed investment gains in 2022 • These gains make up the largest income source for the ultrawealthy but go untaxed • Proposals Would tax unrealized gains over $100M, generating $500B+ in 10 years • Untaxed gains worsen racial wealth divides - 90% held by white households • This loophole allows the ultrawealthy’s untaxed wealth to keep growing