Ultra-Wealthy Households Sit on $8.5 Trillion in Largely Untaxed Gains, Highlighting Extreme Economic Inequality
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Ultra-wealthy households held $8.5 trillion in untaxed assets in 2022, equal to more than 1/6 of all unrealized gains in the U.S.
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The top 0.05% richest households have more untaxed gains than the bottom 84% combined.
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The ultra-wealthy can live lavishly without paying taxes by using low-cost loans backed by their fortunes.
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Billionaires paid an average federal tax rate of just 4.8% between 2013-2018.
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New proposed "billionaire income taxes" would tax assets and unrealized gains of the ultra-wealthy to help reverse extreme inequality.