HOW MUCH TAX DO US BILLIONAIRES PAY? EVIDENCE FROM ADMINISTRATIVE DATA – NBER

A new National Bureau of Economic Research study from economists Akcan Balkir, Emmanuel Saez, Danny Yagan, and Gabriel Zucman estimates that the effective tax rate for the top 0.0002 percent (roughly the Forbes 400) fell from about 30 percent to about 24 percent after the 2017 Tax Cuts and Jobs Act (TCJA). According to the Tax Policy Center, the study also attributes roughly 9 percentage points of the top 400’s total burden to corporate taxes. The authors further note that the wealth of that group has grown from about 2 percent of GDP in 1982 to about 20 percent today.

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