The report also ranks Ohio as the 13th worst state in the nation for tax inequality.
By loosening trust laws for more than 20 years, Ohio has established itself as an “emerging enabler” of billionaires and wealth inequality,from Washington think tank The Institute for Policy Studies says. The report ranks Ohio as tied for 7th worst in the nation for enabling billionaires and exacerbating inequality.
The U.S. hosts about $5.6 trillion in trust and estate assets, the report estimates, saying much of these assets belong to the uber-wealthy — both international and domestic — and are held in trust in states “subservient to the trust industry.” Additionally, “There is a significant correlation between regressive state taxation systems, which hurt the poorest residents, and trust-subservient state laws,” the report says. “Of the 13 states captured by the trust industry we have profiled here, eight are among the 15 most regressive tax states in the country. These states often cut taxes for the wealthiest and instead rely on the poor to pay a disproportionate amount of their income in taxes.
In 2016, the report says, Ohio enacted a law to allow wealthy families to form private family trust companies.
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