“The legislation [introduced by Wyden] targets a practice known as “buy, borrow, die” that billionaires use to avoid paying income taxes: A billionaire buys assets that appreciate in value, borrows against those assets’ increasing and untaxed value, and then passes on the assets to beneficiaries when they die, without paying taxes. Wyden’s legislation would require people with more than $1 billion in assets to pay capital gains taxes on the appreciation of value in these assets—such as real estate, stocks, or collectibles—regardless of whether they are sold.”
It’s a sick and twisted game that billionaires and billionaire corporations play. It’s time they paid a fair share. Wishing the best for Oregon Senator Wyden.
It’s a game where they literally make the rules. We’ve been mostly captured and there’s no new land to occupy to start anew.