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26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS
(sorry about the all-caps - that's the way the headline was done at the source and I'm too lazy to retype it)
https://americansfortaxfairness.org/issue/based-wealth-growth-26-top-billionaires-paid-average-income-tax-rate-just-4-8-6-recent-years/
Twenty-six of the richest people in America paid an average federal income tax rate of just 4.8% over six years (2013-18) when the growth in their wealth is counted as income, according to Americans for Tax Fairness (ATF) using IRS tax-payment information recently released by ProPublica and billionaire wealth growth data from Forbes. This revelation underscores the need to tax billionaires and other ultra-wealthy Americans more effectively, as proposed in plans from President Biden and Congressional Democrats.
. . .
Notable names that paid less than a 2% tax rate based on their wealth growth include: Warren Buffett (0.1%), Jeff Bezos (1.1%), Mark Zuckerberg (1.1%), Charles and David Koch (1.3% and 1.4%, respectively), and Michael Bloomberg (1.8% ). Elon Musk paid a mere 2.1% tax rate.
As highlighted by ProPublica in its report this year, the ultrawealthy pay a remarkably low tax rate even on their sources of income that are now taxed. The 26 billionaires paid an average effective tax rate of just 18.2% on their reported income—far below the top statutory tax rate of 39.6% in effect for all but one of the six years and closer to the average 13.3% rate paid by Americans of all income levels in 2019.
“As long as we fail to tax their main source of income—the growth in their fortunes—many billionaires will continue to live largely tax-free lives,” said Frank Clemente, executive director of Americans for Tax Fairness. “Teachers, plumbers, firefighters and other working Americans can already pay higher tax rates than billionaires—and that’s just counting the small part of billionaire income that is now taxed. When you include their untaxed wealth growth in the calculation, many billionaires pay almost nothing.”
. . .
Notable names that paid less than a 2% tax rate based on their wealth growth include: Warren Buffett (0.1%), Jeff Bezos (1.1%), Mark Zuckerberg (1.1%), Charles and David Koch (1.3% and 1.4%, respectively), and Michael Bloomberg (1.8% ). Elon Musk paid a mere 2.1% tax rate.
As highlighted by ProPublica in its report this year, the ultrawealthy pay a remarkably low tax rate even on their sources of income that are now taxed. The 26 billionaires paid an average effective tax rate of just 18.2% on their reported income—far below the top statutory tax rate of 39.6% in effect for all but one of the six years and closer to the average 13.3% rate paid by Americans of all income levels in 2019.
“As long as we fail to tax their main source of income—the growth in their fortunes—many billionaires will continue to live largely tax-free lives,” said Frank Clemente, executive director of Americans for Tax Fairness. “Teachers, plumbers, firefighters and other working Americans can already pay higher tax rates than billionaires—and that’s just counting the small part of billionaire income that is now taxed. When you include their untaxed wealth growth in the calculation, many billionaires pay almost nothing.”
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them no choice, but to turn fascist. 