The latest tax proposals in Congress are an okay first step, but don't go far enough to address one of the biggest enablers of dynastic wealth.
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.