Why Can't We Fund Universal Public Goods? Blame the Tax-Dodging Billionaire Nepo Babies | Common Dreams
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The wealthiest families in the U.S. are not only squandering their fortunes on frivolous luxuries, but also benefiting from a rigged tax system that allows them to pass down wealth without being properly taxed. How long will we allow the ultra-rich to manipulate the system in their favor, while vital programs for working and middle-class Americans are cut? It's time for Congress to unrig the tax system and ensure fairness for all. #TaxFairness #WealthInequality #BillionaireNepoBabies

But a report released by Americans for Tax Fairness (ATF) on Thursday shows how “billionaire nepo babies” don’t just waste their families’ fortunes. They also benefit from “a rigged system” that allows them to “pass that wealth down over generations without being properly taxed–often without being taxed at all.”

  • @[email protected]English
    28•23 days ago

    I’ve heard of the stepped up basis and “buy borrow die” before. Pretty fucked up

    Maybe more of them should visit Manhattan, if you follow.

    • @[email protected]English
      2•22 days ago

      Yeah, it really should just be taxed at death at whatever the deceased’s tax rate is before distribution, and that should go for all property.