Unless this generation-skipping tax exemption is strengthened, wealth dynasties will continue to grow and proliferate.
The “basis step-up” lets wealthy people avoid paying income tax on lifetimes of investment gains.
Report: Silver Spoon Oligarchs: How America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
Fifty dynastic billionaire families hold as much wealth as the bottom half of U.S. families. Their wealth grew at ten times the rate of ordinary families over the last 40 years.
A new policy brief outlines how the wealthy stow and grow their fortunes for future descendants.