The Secret Tax Loophole Making the Rich Even Richer | Robert Reich
Channel: Robert Reich
Date: 2021-05-17

Former Secretary of Labor Robert Reich reveals how a little-known tax loophole called the stepped-up basis allows the super-rich to hoard their wealth for generations.

Watch More: What if We Actually Taxed the Rich? ►► https://youtu.be/pnoLAMHwf2I

As it is now, the stepped-up basis loophole enables the super-rich to avoid paying more than $40 billion in taxes each year. It’s one of the chief means by which dynastic wealth has grown and been passed from generation to generation, enabling subsequent generations to live off that growing wealth and never pay a dime of taxes on it.

Unless the loophole is closed, we will soon have a large class of hugely rich people who have never worked a day in their lives. Over the next decades, rich baby boomers will pass on an estimated  $58 trillion of wealth to their millennial children — the largest intergenerational transfer of wealth in history.

Close this loophole, and we prevent America from becoming an aristocracy. It should be a no-brainer.

#taxcheats #taxtherich #jeffbezos