'It's time to tax billionaires,' said PatrioticMills. 'This interactive look at how the ultra-rich manage to pay less taxes than regular folks is all the proof you should need.'
that the 400 most lavishly paid people in the U.S. don't pay the highest income tax rates—a finding that progressives say demonstrates the need to overhaul the nation's tax code and make the ultra-wealthy pay their fair share.
Cracking the list required an average income of $110 million per year—orders of magnitude higher than the annual earnings of members of the top 5% and the top 1% . And yet, these 400 people who raked in at least $110 million per year tended to pay federal income taxes at a lower rate than other millionaires. On average, the top 400 paid an effective income tax rate of 22% from 2013 to 2018—just slightly higher than people who earned $200,000 to $500,000 per year. and how we tax explained."Income from financial assets is generally taxed at a lower rate.
That change particularly benefited the wealthy. Together, the top 400 saved an average of $1.9 billion in taxes each year—due solely to the lower rate on dividends.
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