Over the next few decades, the richest American families could avoid paying about $8.4 trillion in taxes, or more than four times the cost of the stalled Build Back Better package, according to a report released Wednesday. The Americans for Tax Fairness report–entitled Dynasty Trusts: Giant Tax Loopholes that Supercharge Wealth Accumulation–urges Congress to fix the federal tax code to address dynastic wealth. The new analysis details how loopholes have made the payment of estate, gift, and generation-skipping taxes–collectively called wealth-transfer taxes–effectively optional for the “ultrawealthy” and thereby accelerate the “accumulation of dynastic wealth.”
https://americansfortaxfairness.org/wp-content/uploads/DT-2.2.pdf
— source commondreams.org | Feb 02, 2022