Jensen Huang, worth $127 billion, will likely pass much of his fortune tax free, due to strategies employed by the ultrawealthy to avoid estate taxes.
Estate tax revenue has barely changed since 2000, despite the wealth of America's richest quadrupling, highlighting a significant gap in tax policy effectiveness.
The decline in I.R.S. audits of estate-tax returns has reached its lowest level in decades, further weakening the estate tax system and its capacity to collect.
The estate tax's existence was short-lived in 2010 due to tax cuts, showing the complexities of how wealth is managed and taxed among the ultrawealthy.
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