Tax rate for ultrarich drops dramatically after GOP tax cuts
The effective tax rate for the wealthiest 0.0002 percent of Americans — a group that corresponds roughly to the billionaires on the famous Forbes 400 list — fell from 30 percent to 24 percent after the 2017 GOP tax cuts, which were extended last month by Congress in Trump’s “big, beautiful bill.”
The effective tax rate for the U.S. population as a whole is about 30 percent, and for people with the top salaries, it’s about 45 percent. But for the 100 wealthiest Americans, it’s 22 percent, according to a study published Monday by the National Bureau of Economic Research.
These drop-offs are correlated in the study specifically with the 2017 Trump tax cuts, also known as the Tax Cuts and Jobs Act.
“The tax rate of the top 400 fell significantly at the end of our sample, a period that includes various economic and policy changes, including the Tax Cuts and Jobs Act,” the researchers note.
https://finance.yahoo.com/news/tax-rate-ultrarich-drops-dramatically-131311010.html
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