Billionaires pay a lower tax rate than the rest of America's taxpayers, new study finds

[Airyaman]

And that is by Republican design.

But wait...that was before the big ugly billion that gave them an even bigger cut.

Republicans hate the non wealthy.

Billionaires pay a lower tax rate than the rest of America's taxpayers, new study finds

The wealthiest 400 people in the U.S. pay a tax rate of 24%, lower than the average rate for all other taxpayers, economists find.

www.cbsnews.com

The individuals who make up the Forbes 400 list, topped by Tesla CEO Elon Musk with a fortune of
$244 billion, paid an average effective tax rate of 24% from 2018 to 2020, compared with a 30% rate for
all other U.S. taxpayers, the researchers said in a new paper published in the National Bureau of
Economic Research.

The research comes as President Trump's "big, beautiful bill," signed into law on July 4, delivers its largest
benefits to the highest-earning Americans through a mix of new and extended tax breaks. Those include
raising the estate-tax exemption to $15 million per person, up from about $14 million.

The changes build on an earlier tax cut — the Tax Cuts and Jobs Act, Mr. Trump's signature first-term
legislation. That 2017 law reduced the effective tax rate for the richest Americans from 30% to 24%, the
researchers found.

 

[j brown's body]

So these self-styled populists turn out to be run-of-the-mill Republicans.

 

[Jezcoe]

A lot of it is how they use their wealth.

They live off of debt and not their assets… so they have a superpower available to them that normal people do not have.

 

[Airyaman]

A lot of it is how they use their wealth.

They live off of debt and not their assets… so they have a superpower available to them that normal people do not have.

Yes. Over the years lobbyists for the rich have been successful in changing that tax codes so they could get the most loopholes or ways to game the system.

 

[Loulit01]

Yes. Over the years lobbyists for the rich have been successful in changing that tax codes so they could get the most loopholes or ways to game the system.

They can legally pay very little. They also use shell corporations and holding companies to hide assets. Now they have the BBB which is like hitting the lottery.

 

[aociswundumho]

The individuals who make up the Forbes 400 list, topped by Tesla CEO Elon Musk with a fortune of $244 billion, paid an average effective tax rate of 24% from 2018 to 2020, compared with a 30% rate for all other U.S. taxpayers, the researchers said in a new paper published in the National Bureau of Economic Research.

I agree, 30% is ridiculous. We desperately need to lower that down to the 24% billionaires pay. Let's do it in the name of fairness.

 

[justoneman]

And that is by Republican design.

But wait...that was before the big ugly billion that gave them an even bigger cut.

Republicans hate the non wealthy.

Billionaires pay a lower tax rate than the rest of America's taxpayers, new study finds

The wealthiest 400 people in the U.S. pay a tax rate of 24%, lower than the average rate for all other taxpayers, economists find.

www.cbsnews.com

A tax rate is determined by your taxable income. Billionaires pay the highest rate because they almost always have the highest income. You are talking about some made up definition of the tax rate.

 

[j brown's body]

They can legally pay very little. They also use shell corporations and holding companies to hide assets. Now they have the BBB which is like hitting the lottery.

It doesnt really matter. They have stripped the IRS of the ability to enforce tax law anyway.

 

[noonereal]

A tax rate is determined by your taxable income. Billionaires pay the highest rate because they almost always have the highest income. You are talking about some made up definition of the tax rate.

Rotflmao!

Read the article, learn.

 

[justoneman]

Rotflmao!

Read the article, learn.

You do not know what you are talking about.

 

[noonereal]

You do not know what you are talking about.

It mat appear as such to one with superficial knowledge.

 

[dmpi]

Turbo Tax tells me my 2024 effective tax rate and it's 'just' 14.37%. The average effective tax rate of 30% is comical considering half the people don't even pay income tax.

 

[Airyaman]

Turbo Tax tells me my 2024 effective tax rate and it's 'just' 14.37%. The average effective tax rate of 30% is comical considering half the people don't even pay income tax.

Feel free to debunk the study, but offering your own anecdotal rate is not going to do it.

 

[Loulit01]

It doesnt really matter. They have stripped the IRS of the ability to enforce tax law anyway.

https://wapo.st/3UPLKMb

 

[justoneman]

It mat appear as such to one with superficial knowledge.

Every person in the US must fill out a tax form. The higher the income, the higher the rate. You are conflating having a billion dollars, as income. It's not. You are conflating a separate business a billionaire owns, as his income. It's not.

 

[Peter]

We all know this and a few super rich have even said they pay less tax than their cleaners but Republicans on here still want to give billionaires even more tax cuts.

They have been utterly brainwashed into the cult of the super rich.

 

[justoneman]

Feel free to debunk the study, but offering your own anecdotal rate is not going to do it.

He is absolutely correct.

 

[bongsaway]

And that is by Republican design.

But wait...that was before the big ugly billion that gave them an even bigger cut.

Republicans hate the non wealthy.

Billionaires pay a lower tax rate than the rest of America's taxpayers, new study finds

The wealthiest 400 people in the U.S. pay a tax rate of 24%, lower than the average rate for all other taxpayers, economists find.

www.cbsnews.com

Not true, they are for the working person and they have right to work states to prove it.

 

[Airyaman]

He is absolutely correct.

"Trust me bro!"

 

[Loulit01]

Turbo Tax tells me my 2024 effective tax rate and it's 'just' 14.37%. The average effective tax rate of 30% is comical considering half the people don't even pay income tax.

The bottom 50% of the population own less than 3% of the wealth. Of course they don't pay income tax. They do pay many other taxes, gas tax, property tax, excise taxes, payroll taxes, and now, Trump's tariff taxes, among many others. Your post is deceitful.

 

[justoneman]

We all know this and a few super rich have even said they pay less tax than their cleaners but Republicans on here still want to give billionaires even more tax cuts.

They have been utterly brainwashed into the cult of the super rich.

Warren Buffet said this. His tax rate is in the form he is required to fill out. I am sure takes millions every year and sinks it into something so that those millions are no longer available for spending as income, this reducing his taxable income.

 

[dmpi]

Feel free to debunk the study, but offering your own anecdotal rate is not going to do it.

Google AI says:

While the overall average effective federal income tax rate for U.S. taxpayers is around 14–16%, the figure varies dramatically by income level
. Higher earners pay a much higher average rate than lower earners due to the progressive nature of the U.S. tax code.

 

[Airyaman]

Google AI says:

While the overall average effective federal income tax rate for U.S. taxpayers is around 14–16%, the figure varies dramatically by income level
. Higher earners pay a much higher average rate than lower earners due to the progressive nature of the U.S. tax code.

Someone doesn't understand total effective tax rate I see.

 

[justoneman]

The bottom 50% of the population own less than 3% of the wealth. Of course they don't pay income tax. They do pay many other taxes, gas tax, property tax, excise taxes, payroll taxes, and now, Trump's tariff taxes, among many others. Your post is deceitful.

So you are thinking payroll taxes are part of "the tax rate on income"? If anything sales tax and the like are write offs against your taxable income.

 

[Loulit01]

So you are thinking payroll taxes are part of "the tax rate on income"? If anything sales tax and the like are write offs against your taxable income.

The bottom 50%, who own less than 3% of the total wealth, don't qualify for these write offs because, as several here have repeatedly said, they're not paying income tax.