f{"id":30900,"date":"2024-01-05T11:58:04","date_gmt":"2024-01-05T19:58:04","guid":{"rendered":"https:\/\/occupysf.net\/?p=30900"},"modified":"2024-01-05T11:58:05","modified_gmt":"2024-01-05T19:58:05","slug":"8-5-trillion-in-untaxed-assets-data-shows-why-we-need-a-billionaire-income-tax","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2024\/01\/05\/8-5-trillion-in-untaxed-assets-data-shows-why-we-need-a-billionaire-income-tax\/","title":{"rendered":"$8.5 Trillion in Untaxed Assets: Data Shows Why &#8216;We Need a Billionaire Income Tax&#8217;"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.commondreams.org\/media-library\/elon-musk.jpg?id=51000112&amp;width=1200&amp;height=400&amp;quality=90&amp;coordinates=0%2C249%2C0%2C1792\" alt=\"Elon Musk\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Tesla CEO Elon Musk speaks onstage during an event on November 29, 2023 in New York City.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Photo: Slaven Vlasic\/Getty Images for The New York Times)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;While most Americans predominantly live off the income they earn from a job\u2014income that is taxed all year, every year\u2014the very richest households live lavishly off capital gains that may never be taxed.&#8221;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.commondreams.org\/author\/jake-johnson\">JAKE JOHNSON<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jan 04, 2024 (CommonDreams.org)<a href=\"https:\/\/giving.commondreams.org\/-\/XKQWGZVR\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An&nbsp;<a href=\"https:\/\/americansfortaxfairness.org\/ultra-wealthys-8-5-trillion-untaxed-income\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis<\/a>&nbsp;released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a &#8220;staggering&#8221; $8.5 trillion in wealth that is not\u2014and might never be\u2014subject to taxation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Examining recently released data Federal Reserve&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/econres\/scfindex.htm\" target=\"_blank\" rel=\"noreferrer noopener\">data<\/a>&nbsp;for 2022, Americans for Tax Fairness (ATF) found that the roughly 64,000 U.S. households with at least $100 million in wealth\u2014less than 0.05% of the population\u2014controlled more than one in every six dollars of the country&#8217;s &#8220;unrealized gains,&#8221; profits that aren&#8217;t taxable until the underlying asset, such as a stock position, is sold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;But the ultra-wealthy don&#8217;t need to sell to benefit: They can live off low-cost loans secured against their growing fortunes. And once inherited, such gains disappear completely for tax purposes,&#8221; ATF&#8217;s Zachary Tashman and William Rice explained in the new analysis. &#8220;While most Americans predominantly live off the income they earn from a job\u2014income that is taxed all year, every year\u2014the very richest households live lavishly off capital gains that may never be taxed.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That small, ultra-rich fraction of U.S. society is sitting on more unrealized capital gains than the bottom 84% of the country\u2014roughly 110 million households\u2014combined, Tashman and Rice noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most of the typical U.S. household&#8217;s unrealized capital gains are in the form of their homes, which face state and local property taxes. But 93% of the unrealized gains of America&#8217;s wealthiest are tied up in businesses, stock portfolios, and mutual funds, ATF found. As a result, mega-rich individuals such as Tesla CEO Elon Musk\u2014the wealthiest man on the planet\u2014wind up&nbsp;<a href=\"https:\/\/www.propublica.org\/article\/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax\" target=\"_blank\" rel=\"noreferrer noopener\">paying little to nothing in federal income taxes<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Between 2013 and 2018, leading U.S. billionaires paid an average federal tax rate of just 4.8%, according to a&nbsp;<a href=\"https:\/\/www.commondreams.org\/news\/2022\/05\/19\/analysis-26-us-billionaires-paid-average-tax-rate-just-48-recent-years\" target=\"_blank\" rel=\"noreferrer noopener\">previous ATF analysis<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;This is why we need a billionaire income tax,&#8221; the group wrote on social media Wednesday, pointing to legislative proposals&nbsp;<a href=\"https:\/\/www.commondreams.org\/news\/billionaires-income-tax\" target=\"_blank\" rel=\"noreferrer noopener\">reintroduced<\/a>&nbsp;late last year in both chambers of Congress.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">https:\/\/twitter.com\/4TaxFairness\/status\/1742622022973157782?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1742622022973157782%7Ctwgr%5E1056b97b65eda22130eca1f0f8fc8ac587544155%7Ctwcon%5Es1_c10&#038;ref_url=https%3A%2F%2Fwww.commondreams.org%2Fnews%2Frich-untaxed-wealth<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sen. Ron Wyden&#8217;s (D-Ore.)&nbsp;<a href=\"https:\/\/www.finance.senate.gov\/imo\/media\/doc\/billionairesincometaxonepager.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Billionaires Income Tax<\/a>&nbsp;would tax the tradable assets of individuals with more than $100 million in annual income or more than $1 billion in assets for three consecutive years, according to a summary released by the Oregon Democrat&#8217;s office.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the House, Reps. Steve Cohen (D-Tenn.) and Don Beyer (D-Va.)&nbsp;<a href=\"https:\/\/beyer.house.gov\/news\/documentsingle.aspx?DocumentID=6037#:~:text=The%20bill%20would%20require%20households,with%20realized%20and%20unrealized%20gains.\" target=\"_blank\" rel=\"noreferrer noopener\">unveiled a bill<\/a>&nbsp;that mirrors President Joe Biden&#8217;s call for a minimum income tax for billionaires. The legislation would require ultra-wealthy households to pay a 25% annual tax rate on their income, including unrealized gains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last month, the U.S. Supreme Court&nbsp;<a href=\"https:\/\/www.commondreams.org\/opinion\/moore-vs-us-oral-arguments\" target=\"_blank\" rel=\"noreferrer noopener\">heard oral arguments<\/a>&nbsp;in a case backed by right-wing groups aiming to preemptively outlaw any tax on unrealized gains. The justices\u2014with the notable exception of Samuel Alito, who was&nbsp;<a href=\"https:\/\/www.lawdork.com\/p\/the-moores-big-tax-case-quickly-deflated\" target=\"_blank\" rel=\"noreferrer noopener\">urged to recuse<\/a>&nbsp;from the case due to his connection to a lawyer representing the plaintiffs\u2014appeared&nbsp;<a href=\"https:\/\/www.lawdork.com\/p\/the-moores-big-tax-case-quickly-deflated\" target=\"_blank\" rel=\"noreferrer noopener\">unlikely<\/a>&nbsp;to issue the kind of sweeping ruling demanded by right-wing organizations such as the U.S. Chamber of Commerce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Without this necessary reform to our system of taxation, the growth of untaxed income at the very top of our economy will continue to accelerate.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ATF&#8217;s analysis found that the wealth of America&#8217;s billionaires and centimillionaires has exploded in recent years as Republicans have enacted massive tax cuts for the rich while wealth tax proposals have languished in Congress.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;The cumulative $8.5 trillion of unrealized capital gains held by America&#8217;s billionaires and centi-millionaires in 2022 has jumped by more than half\u2013or $3.2 trillion\u2013just since the last Fed survey year of 2019,&#8221; Tashman and Rice wrote. &#8220;That increase continues a decades-long upward trend among the richest households in the United States.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To begin reversing the trend and addressing the&nbsp;<a href=\"https:\/\/www.commondreams.org\/news\/wealthy-americans-tax-rich\" target=\"_blank\" rel=\"noreferrer noopener\">extreme and dangerous<\/a>&nbsp;stratification of U.S. society by wealth, Tashman and Rice argued that Congress must &#8220;curb the economic and political power of the richest households by annually taxing their investment gains\u2013whether realized or not\u2013just as workers&#8217; wages are taxed now, every year, all year round.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Without this necessary reform to our system of taxation,&#8221; they warned, &#8220;the growth of untaxed income at the very top of our economy will continue to accelerate, to the benefit of a tiny few and the detriment of everyone else.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.commondreams.org\/author\/jake-johnson\">JAKE JOHNSON<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jake Johnson is a senior editor and staff writer for Common Dreams.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.commondreams.org\/author\/jake-johnson\">Full Bio &gt;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla CEO Elon Musk speaks onstage during an event on November 29, 2023 in New York City.&nbsp; (Photo: Slaven Vlasic\/Getty Images for The New York Times) &#8220;While most Americans predominantly live off the income they earn from a job\u2014income that is taxed all year, every year\u2014the very richest households live&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2024\/01\/05\/8-5-trillion-in-untaxed-assets-data-shows-why-we-need-a-billionaire-income-tax\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1078],"class_list":["post-30900","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-billionaire-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$8.5 Trillion in Untaxed Assets: Data Shows Why &#039;We Need a Billionaire Income Tax&#039; -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/occupysf.net\/index.php\/2024\/01\/05\/8-5-trillion-in-untaxed-assets-data-shows-why-we-need-a-billionaire-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$8.5 Trillion in Untaxed Assets: Data Shows Why &#039;We Need a Billionaire Income Tax&#039; -\" \/>\n<meta property=\"og:description\" content=\"Tesla CEO Elon Musk speaks onstage during an event on November 29, 2023 in New York City.&nbsp; (Photo: Slaven Vlasic\/Getty Images for The New York Times) &#8220;While most Americans predominantly live off the income they earn from a job\u2014income that is taxed all year, every year\u2014the very richest households live... 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