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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 11 months ago by [email protected] to c/[email protected]

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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] 1 points 11 months ago (2 children)

While you're waiting you can share with us your solution if you'd like.

[–] [email protected] 1 points 11 months ago (2 children)

I don't have one, I'm not an economist.

Anything i come up with doesn't come from a well informed educated background.

I can't really even grasp what a world without billionaires might look like. If their wealth was distributed to the rest of us, would that just inject trillions of cash into the economy and cause hyper inflation?

[–] [email protected] 1 points 11 months ago

Also not an economist but inflation seems like a problem when you're trying to maintain scarcity. I can't see a problem if everyone can afford food and more people can afford fancy foods like Wagyu beef except that capitalists while think "I should be charging more for my fancy thing". To me, injecting trillions into public services sounds like we hop the gap into a post-scarcity thing where we stop charging for necessities like food, shelter, communication, entertainment, and travel.

[–] [email protected] 0 points 11 months ago (1 children)

"I'm not an economist" when asked for solutions, but you sound like you understand the economy damn well when discussing it and 'not being able to wrap your head around' other ideas.

[–] [email protected] 1 points 11 months ago

I understand Econ as much as any highschool level graduate should...

I'm using basic supply and demand logic mate. Someone who actually understands economics would better explain the issue and solution (someone else in this thread might already).

Not sure why you're picking a fight with someone who understands their own limitations on a specific topic asking for clarity.

[–] [email protected] 1 points 11 months ago

The solution is complex requiring every experts from multiple fields to solve and the ripples will affect everyone, even those that can ill afford it. And for those poor people, how does society go about choosing who to throw under the bus?

I think one thing that gets missed here, it that all rules and regulations can be bent and manipulated for one's own personal advantage. It's a part of human nature and drive to do so to gain an advantage - no matter how slim it might be.

The biggest issue that nearly everyone misses is not thinking about the longer term ramifications of "easy" solutions that seem to solve today's pressing problem. Social media can never "see" farther than the end of their collective noses. Example: the internal combustion engine and cars. 100+ years ago, it was an apparently "good" solution to the tons of horse manure being created in every city every day and it's attendant smell, disposal issues, and disease problems. At the time, who knew a bit over 100 years later it was not a good idea. It did seem to solve those immediate issues quite neatly at the time. And now many of us kind of regret it don't we?

And BEFORE you jump on me and the points I have tried to make it's not about "NOT" trying to make improved changes - changes are needed for sure. But the any changes you make must be carefully thought of and weighed against possible future unforeseen consequences as best we can. Social media platforms, (the society's "stupid" place), ain't it.