They still do, but there are ways to either distribute the funds or set up grantor trusts that bring the rates back down to an acceptable billionaire rate. You know, next to nothing.
We're having the same conversation but about two different things. I thought we were discussing tax rates that trusts themselves pay. Not individual tax rates.
One thing I'll correct myself on is that I just looked up trust tax rates and they're paying only 20% on capital gains now. Pretty sure that was higher before the Cheeto took over.
I used to do a whole lot of trust returns, but I'm admittedly rusty on them today.
The crazy part is you could say everything after 100m gets distributed, their family still has $100m in the bank, but that wouldn't be good enough, gotta keep it all because they "earned it," whatever that means.
I personally am okay with wealth. I think millionaires are fine, especially now that everything is expensive. I want to see lines drawn at 10m, and 100m. There should be no b.