E-class elites don’t pay taxes. Whether from the “non-profit” organizations they fund to the stepped-up cost basis on inherited wealth that allows them to entirely avoid the already low capital gains taxes.
As Leona Helmsley counseled before she was sent to jail, 'Only the little people pay taxes."
free link:
https://wapo.st/4u8HeJa
intercst
It wants me to create an account.
Can I assume this is talking about multi-generational wealth? I’ve long maintained that we need to revive estate taxes, and somehow see that when a trust changes hands that it is taxed. We have a small trust. Our daughter is named as the trustee once we’re gone. If she has children, they aren’t named in the trust. When they do get named, estate taxes should be due. And no stepped-up basis.
Is that the gist of the article?
Should we bring back the AMT to make sure everyone pays a share of income?
AMT was not inflation adjusted and became unpopular as it dipped into the middle class.
The need is still there.
It is still hanging around and the phase out levels are changing this year.
DB2
It’s mostly about the fact that “non profits” are little different from regular corporations, especially when you look at Executive Compensation. There’s a pile of money not being taxed.
The link should be free. What are they asking you to sign up for?
intercst
The wealthly don’t generate “taxable income”. They borrow against stock holdings for living expenses, and then their heirs pay off the loans from the inherited assets with the stepped-up basis.
intercst
It wants me to sign-up for an account to view the “free article”. I just don’t like that I’ll end up with a lot of spam within a few weeks as my address is shared/sold. So I almost never do it