Debunking Robert Reich's "Tax the Rich" Myths || EP 599
Good Morning Liberty
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What Is the Loophole?
The super rich pays zero capital gains taxes on huge increases in the value of what they inherit because of a loophole. At the time of death, the value of assets is stepped up to their current market value. So a stock that was originally valued at, say, one dollar when purchased, but that's worth one thousand dollars when heirs receive it, escapes 999 doll s of capital gains tax. This looppole enables he and glowing concentrations of wealth to. escape the capital gains taxes.
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