No tax

The income gap keeps getting larger and has led to the cry that the rich aren’t paying their fair share. Does the country raise taxes or lower spending? On any government level be it federal, state, county or municipal there is no stomach for lower spending. Every year people want more government benefits not less. The number one reason why the rich keep getting richer is that they borrow instead of selling. Rich people live on their capital where the non-rich depend on wages. They use the concept of unrealized capital gains and a policy called “Buy, Borrow, Die”. A person buys a million-dollar asset, could be property or stock, and they keep it until they die. The property has grown to 2 million and upon their death it receives what is called a “step up in basis” meaning there is no tax on the one-million-dollar gain. The heirs inherit a two-million-dollar asset tax free. This is not only income tax free but is not included in estate taxes. Next the assets grow to 4 million and the same thing happens. Over the years the rich keep increasing their wealth without every paying any tax just by living on borrowed money instead of cashing the assets. Forcing people to sell appreciated capital assets—often proposed as a "mark-to-market" tax and would effectively eliminate the unrealized gain problem by converting "paper profits" into realized, taxable gains, thereby ensuring appreciation is taxed before death. Americans with more than $100 million in wealth are estimated to hold $8.5 trillion in unrealized capital gain. If you bought $1,000 of Amazon stock at the IPO value in 1997 it would be worth $2.7 million today. If you died and passed it on to your children, they would receive the full amount tax free. Anywhere along the way that you needed money you would put up stock as collateral and borrow against it and deduct the interest as business interest.