An 8.2% average income tax rate for the country’s richest 400 families. No typo 👇
Billionaires sit on vast pools of money and assets, and only a tiny portion of their wealth goes toward federal incomes taxes — they’ve paid an average income tax rate of 8.2% over roughly the last decade.
The White House analysis differs from other estimates of the real tax bill for the very wealthy, the researchers acknowledge. For example, America’s richest 715,000 families will have an effective 26% income tax rate in 2021, according to Congress’ nonpartisan Joint Committee on Taxation. The total net worth of U.S. households climbed to a record $141.7 trillion by the end of June, according a Federal Reserve report released Thursday tallying assets against liabilities.
If President Joe Biden gets his way, the top income rate would go back to 39.6% and people worth at least $1 million would pay 39.6% on their capital gains. Corporate tax hikes could create indirect costs York said it’s worth noting the new analysis is not counting the indirect costs that people might also have to pay in the wake of a corporate income tax hike. When the cost of a corporate income tax hike gets passed on to shareholders in the form of smaller after-tax returns, she said.
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