Billionaires in Corona (Unsplash photo, ice system)
A new ProPublica report released on Wednesday reveals accurate metrics pertaining to the wealth of the top 400 richest people in the United States. The top 37% applied to the regular income of high-income Americans.
The richest man in the world, Elon Musk paid 27%. Bill Gates, Microsoft CEO and Oracle founder Larry Allison, saved $ 125 million and $ 106 million, respectively, on their annual taxes, paying effective rates of 18.4% and 21.8%, respectively. The report also specifically mentions Michael Bloomberg, whose effective tax rate The average was only 4.1% from 2013 to 2018, thanks to well-timed deductions from charity.
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The billionaires offered no response to ProPublica except Bloomberg, whose spokesman said the failed presidential candidate “pays the maximum tax rate on all federal, state, local and international taxable income as provided by law.”
In the US estimated progressive tax system, a graph of how much each group pays in taxes should look like an increase, with those at the top paying more, but instead it’s more like a bell curve. Those in the $ 2-3 million range pay the most in 29% federal income tax. The big 400 pay 22%. And that’s only on average, with some of the richest easily paying much, much less than a quarter of their income to the federal government.
Because many of those billionaires get taxed on stock sales, which are handled by a long-term capital gains rate of only 20%, much lower than the top tax rate on regular income – 37% since 2018.
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