“The wealthiest 10% of households will be giving and receiving a majority of the riches. “The trillions of dollars going to heirs will largely reinforce inequality,” the Times observed. tax system, “heirs increasingly don’t need to wait for the passing of elders to directly benefit from family money, a result of the bursting popularity of ‘ giving while living‘-including property purchases, repeated tax-free cash transfers of estate money, and more-providing millions a head start.” The newspaper added that thanks to the loophole-ridden U.S. “Of the $84 trillion projected to be passed down from older Americans to millennial and Gen X heirs through 2045, $16 trillion will be transferred within the next decade.” Others are leaving their heirs hundreds of thousands, or millions, or billions of dollars in various assets,” the Times reported. “Most will leave behind thousands of dollars, a home, or not much at all. The United States’ astronomical levels of economic inequality are poised to become further entrenched in the coming years as what The New York Times described Sunday as “the greatest wealth transfer in history” gets underway, with the richest members of the Baby Boomer generation set to pass trillions of dollars in assets on to their descendants-often paying little or nothing in taxes.
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