Monday, March 22, 2021

"America’s ultra-wealthy have pulled off a brilliantly designed heist"

"Over the past pandemic year, American billionaires have grown $1.3 trillion richer, the beneficiaries of a soaring stock market. Income inequality has widened. One response is imposing new taxes on wealth, such as those just introduced by Sen. Elizabeth Warren (D-Mass.), but that approach faces significant political hurdles.

There’s another way to tackle the problem. Instead of focusing only on taxing wealth accumulation, we can address the hidden flip side — wealth transmission. America’s super-rich have created a little-known parallel legal system in some unlikely states. There, they pass on massive amounts of wealth tax-free and lock in inequality for generations, exploiting cracks in our system of taxing inherited wealth."
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