'We can fix our broken estate and gift tax system and stop the concentration of an ever-larger share of America's wealth inside enormous dynasty trusts, or we can trust our democracy to a handful of trillionaire trust fund babies,' says 4TaxFairness.
Jessica CorbettOver 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.
Some U.S. states, such as South Dakota, have even changed their laws on dynasty trusts to attract wealthy residents, as Chuck Collins of the Institute for PolicyThe new report notes that U.S. lawmakers aren't planning to address the issue, even if the Senate passes a version of aThe Build Back Better legislation now before Congress—otherwise a vehicle for significant progressive tax reform—does nothing to directly reverse this toxic accumulation of dynastic wealth.
"The tax savings for the richest families could be about $8.4 trillion over the next 24 years or so if the current 40% estate tax rate remains in place," the report states."That's the equivalent of more than four Build Back Better plans costing $1.75 trillion each over 10 years." "The BBB legislation now before the U.S. Senate should be amended to close loopholes in the three components of America's wealth transfer tax system: the estate, gift, and generation-skipping tax," he asserted."Effective reforms have already been developed—all that's needed is for Congress to recognize the urgency to act now.
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