26 of the nation’s richest billionaires paid an average effective federal income tax rate of just 4.8% between 2013 and 2018, compared an average tax rate of 13.3% Americans paid in 2018.
A new analysis of leaked Internal Revenue Service documents shows that some of the U.S.’s wealthiest people have paid a disproportionately low federal income tax rate in recent years.released Thursday, Americans for Tax Fairness found that, in relation to their wealth, 26 of the nation’s richest billionaires paid an average effective federal income tax rate of just 4.8 percent between 2013 and 2018.
Billionaires are able to dodge taxes on a large portion of their wealth due to tax laws allowing them to accrue “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,” according to the report.
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