Connect with us

Hi, what are you looking for?

Finance

American Billionaires Hoarding Trillions of Untaxed Wealth and want to Keep it that way

Billionaires hoarding their taxes

“The rich get richer, and the poor get poorer” is an infamous saying which keeps proving itself correct day by day. America is home to many wealthy families. A wondrous amount of $8.5 trillion is being held by these wealthy families in 2022. These people make up less than 0.05% of the total American population. These 64,000 ultra-wealthy households hold 18% of the unrealized gains of the country. The Supreme Court is gearing up to decide a case to pre-emptively block any efforts to tax the wealth of these pompous families.

These centi-millionaires generate a quiet income and hold at least $100 million in wealth, and the billionaires hold their money from unrealized capital gains. These gains are the assets and are accumulated without any tax given to the government. These assets and investments are stored in a way that stocks, real estate, bonds, and other investments increase in value. These assets are not sold and are unrealized, hence, they are not taxed. The wealthiest families in America secure their favorable loans and hence, use their taxable income to finance their lifestyle.

 

Distribution of wealth counts between the pompous households

America’s national wealth counts to $139 trillion. Almost 10% of the richest households hold three-quarters i.e. 73% of this wealth. Further, the richest 1% make one-third of this wealth which is 35% of this wealth. An astonishing 11% is held by the handful of upscale households that make up the billionaire and centi-millionaire class i.e. $15.2 trillion. 44% of the unrealized gains are held by 1% of the households. The billionaires and centi-millionaires control 18% of the wealth which counts to $8.5 trillion. The growing wealth difference in the U.S. allows wealthy families to exploit the loopholes so that they can minimize their tax contributions. They shall be held accountable for their ultra-wealthy wrong practices.

The rich getting richer

Moore v. United States is a case that stands to slam shut the door of Federal Wealth tax. Donald Trump’s 2017 tax bill states that Americans with business holdings outside the United States must pay a one-time tax on income generated by their foreign earnings. The couple is challenging a “mandatory repatriation tax.” They debated that their earnings have not been distributed as dividends, hence, there should be no tax. The case may sound obscure, but it could precautionarily undermine the dual proposals by President Joe Biden and Sen.

The couple hopes that the Supreme Court will toss out the Ninth Circuit Ruling. The settled tax law which has been present for decades and bipartisan agreement on Congressional authority are all beneficial for the ultra-wealthy families. Multinational corporations will face a mighty windfall if the Republicans on the Supreme Court take the side of the petitioners. This could lock the right for billionaires to opt out of paying any kind of fair share in taxes. The Moores’ case is an example of such a situation as they are supported by billionaire think tanks and conservative dark money groups.

The Manhattan Institute’s board of trustees includes the wife of the billionaire Harlan Crow, Kathy Crow. Her husband is a central figure when it comes to the financial ethics scandals. These scandals have haunted the Supreme Court Justice Clearance Thomas over the past year. The head of the institute is billionaire Paul Singer, who flies a private luxury jet for luxury fishing trips. His hedge fund, Elliot Management was involved in at least 10 cases that were seen in the court.

Massive amounts of wealth are being hoarded by the ultra-rich families of America. Their businesses are supposed to help society but they refuse to pay taxes because of their greedy and selfish nature. The ultra-rich are closing ranks to protect their ability to hoard massive amounts of wealth while contributing less than the bare minimum to the societies that make their business empires possible. Their untaxed income is not only unethical but also is in no way contributing to the betterment of the economy of America.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Celebrity

Heidi Klum recently revealed to the media that her daughter Leni had stumbled across her “sex drawer” as a kid. The supermodel also revealed...

Finance

According to recent reports released by the US government, businesses and individuals across the nation should expect to witness income tax cuts across 17...

Crime

The cinemas can get trippy when it comes to sci-fi. There is an opportunity for a unique level of freedom to get weird. Some...

Crime

Flight Night will feature Taraji P. Henson The limited series Fight Night features Taraji P. Henson, who previously acted as her co-star in the...