From NewsBreak:
Upon releasing a report about wealth accumulation among America's wealthiest families, advocates at Americans for Tax Fairness called for tax reform.
The report notes that tax loopholes will allow the wealthiest families - dynasties - to accumulate $21 trillion by 2045.
The report estimates there could be as much as $8.4 trillion in foregone revenue from estate-, gift- and generation-skipping tax avoidance by dynasty trusts between now and 2045 based on the current estate tax rate of 40%. Most or all of this is legal due to huge loopholes built into the tax system over the years, in some cases by clever tax lawyers and in others by Congress. “Dynasty trust” is the term for a variety of wealth-accumulating structures that remain in place for multiple generations to ensure their fortunes cascade down to children, grandchildren and beyond undiminished by wealth-transfer taxes. They typically are employed by estates of $10 million or more.
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