In the United States, there’s a growing divide in how the government generates its revenue. For the majority of Americans, taxation is an automatic and unavoidable event—money is withheld from every paycheck for federal income and payroll taxes before it even hits their bank account. But for the ultra-wealthy, the system is increasingly structured to make paying significant federal taxes optional.
This disparity, highlighted by legal scholars, suggests the US now operates with two parallel tax systems: one for those who earn their living through labor (the “earners”) and another for those who live off accumulated wealth (the “owners”). The latter, critics argue, has effectively been written out of the traditional tax system, forming a modern American aristocracy—a “Second Estate.”
The “Earners” vs. The “Owners”
The contrast between the two systems is stark and centers on the difference between taxable income and untaxed wealth accumulation:
1. The System for Earners
This system is straightforward and burdensome. Workers pay:
- Income Tax: Levied on wages, salaries, and earned income.
- Payroll Taxes: Levied on earnings to fund Social Security and Medicare. For the self-employed, these taxes can exceed 15% of every dollar earned.
2. The Tax Avoidance Playbook for Owners
The wealthy primarily hold their fortunes in appreciating assets—stocks, real estate, and trusts—that follow a different set of rules, creating a “Tax Avoidance Playbook”:
- Tax Deferral on Appreciation: A core principle of the US tax code is that asset gains aren’t taxed until they are sold (“realized”). Fortunes can grow exponentially for decades in the form of untaxed stock gains or real estate value increases.
- Borrowing to Live: Instead of selling assets (which would realize taxable income), the wealthy can borrow against their holdings at low rates. This provides cash for spending without ever realizing a taxable capital gain.
- The “Step-Up in Basis” Loophole: This is arguably the most powerful mechanism for wealth preservation. When an individual dies, their heirs inherit the assets, and the cost basis of those assets is “stepped up” to the market value at the date of death. This action effectively wipes away decades of untaxed capital gains, which are then passed to the next generation tax-free.
The result is a system where the middle class shoulders the tax burden on their earnings, while a small, ultra-wealthy class sees its fortunes multiply untaxed as long as they are not sold.
Dynastic Wealth and the Failure of the Estate Tax
Historically, the Estate and Gift Tax was designed to act as a check on dynastic wealth, ensuring that massive fortunes paid a final tax upon being transferred. However, its effectiveness has been critically undermined:
- Low Revenue: In 2024, the estate and gift tax raised only an estimated $30 billion, less than half a percent of total federal revenue, despite the top 1% controlling trillions in wealth.
- High Exemptions: The exemption limits—the amount an individual can pass on tax-free—have risen dramatically, ensuring that only a tiny fraction of American families ever face the tax.
This combination of tax-free appreciation, tax-free borrowing, and the step-up in basis mechanism has led to an aristocracy effectively written out of the tax system, resulting in a growing imbalance that impacts everything from funding for public services to the national debt.
Breaking the U.S. Tax Code – An Inconvenient Tax – Full Movie – Feature Length Documentary provides historical context on the complexity and problems that have plagued the U.S. income tax system since its inception.
Sources
https://www.tpr.org/podcast/the-source/2025-10-21/two-tax-codes-one-america-how-the-tax-system-protects-the-rich
https://www.americanprogress.org/article/progressive-principles-for-the-2025-tax-debate-having-no-deal-is-better-than-having-a-bad-deal/
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