One thing to note is that the wealthy will never pay any capital gains tax on their stock holdings.

While they are alive, they simply take out low interest loans against their stocks.

When they die, they pass on their stocks to their children taking advantage of the step up in basis: (https://www.investopedia.com/terms/s/stepupinbasis.asp)

So now their kids possess a ridiculous amount of stocks and will never need to pay any capital gains on them.

So yes, rich people who make a lot of money in unrealized capital gains are vastly underpaying taxes on their income. We should close the step up in basis tax loophole.