this post was submitted on 06 Jan 2024
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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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[–] [email protected] 98 points 10 months ago (7 children)

When has the US turned into a regime led by the supreme court? All my life, whenever something was up, you heard what the president did or tried to do or whatever. Nowadays, all headlines about the US are about something the Supreme Court with it's undemocratically elected judges gets to decide over all lawmaker's heads.

[–] [email protected] 74 points 10 months ago (1 children)

Congress being so bad at legislating has basically forced the Supreme Court to legislate. I obviously don't agree with decisions like ending Roe v. Wade, but abortion should never have been up to them in the first place. Those kinds of decisions should be up to congress to make clear laws.

[–] [email protected] 8 points 10 months ago

We have a completely dysfunctional congress and its been only getting worse for decades. It's a symptom of a much larger illness in America. I remember decades ago some of my most conservative family members debating policy with some of my most progressive over coffee. Now the media has pitted them against each other so much, that they literally have their phone numbers blocked in fear that some of their ideology might slip into their bubble of an echo chamber.

[–] [email protected] 35 points 10 months ago

Don’t worry, when Trump is reelcted, he’ll fix that glaring loophole and make himself supreme ruler.

[–] [email protected] 27 points 10 months ago (1 children)

A friend of mine used to call them 'our mullahs'. I used to laugh him off. Now, I'm not so sure.

[–] [email protected] 7 points 10 months ago

I do the same thing.

[–] [email protected] 5 points 10 months ago* (last edited 10 months ago)

The Supreme Court has been powerful for a long time.

Since the early 19th century.

https://www.history.com/news/supreme-court-power-john-marshall

[–] [email protected] 4 points 10 months ago

Don't forget about the most powerful person in the world, the parliamentarian.