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Billionaires are hoarding trillions in untaxed wealth. They want the Supreme Court to keep it that way (www.rollingstone.com)

submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world

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A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

America’s wealthiest families held an astounding $8.5 trillion in untaxed profits in 2022. According to a report from the nonprofit Americans for Tax Fairness, which analyzed Federal Reserve data, “one in every six dollars (18 percent of the nation’s unrealized gains is held by these roughly 64,000 ultra-wealthy households, who make up less than 0.05 percent of the population.” The report comes as the Supreme Court gears up to decide a case that could preemptively block any efforts to tax the wealth of billionaires.

The data looks at “quiet” income generated by “centi-millionaires,” Americans holding at least $100 million in wealth, and billionaires through unrealized capital gains. Those gains accumulate, untaxed, as assets and investments like stocks, real estate, bonds, and other investments increase in value. If those assets are not sold — or “realized” — they are not taxed, yet America’s wealthiest families can leverage that on-paper value increase to secure favorable loans with low-interest rates in lieu of using taxable income to finance their lifestyle.

“Of the $139 trillion in America’s national wealth, almost three-quarters (73 percent) is held by the richest 10 percent of households, over one-third (35 percent) by the richest 1 percent, and an astounding 11 percent — $15.2 trillion — is held by the handful of fortunate households that make up the billionaire and centi-millionaire class,” the report says. “The wealthiest 1 percent of households hold 44 percent of national unrealized gains ($21.2 trillion), with billionaires and centi-millionaires alone controlling 18 percent ($8.5 trillion).”

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[–] calypsopub@lemmy.world 27 points 2 years ago (1 children)

TBF we are talking about unrealized gains. Their investments are worth more on paper, but until they sell them, the actual profit or loss will fluctuate. It would be an accounting nightmare to figure tax on unsold investments every year. I do, however, think capital gains should be taxed at the same rate as wage income.

[–] hglman@lemmy.ml 14 points 2 years ago* (last edited 2 years ago) (2 children)

They should be forced to sell, that is the point. Accounting is complicated because people want to hide wealth. None of this is actually complicated it's just been made complex.

[–] Natanael@slrpnk.net 13 points 2 years ago (1 children)

There's a better solution. They take loans with these assets as collateral. Tax the use of collateral (as a kind of advance capital gains).

[–] hglman@lemmy.ml 4 points 2 years ago

Yes that works too,

[–] crystalmerchant@lemmy.world 12 points 2 years ago

Not forced to sell. Prevented from leveraging as debt