Wealthiest Americans pay 3.4% of income in taxes

Between 2014 and 2018, the 25 wealthiest Americans collectively earned $401bn, but paid just $13.6bn – about 3.4% of that – in taxes, according to an investigation by ProPublica, which has been exploring the tax records of the top 0.001% wealthiest US citizens. The report shows that the wealthy benefit from lower tax rates on financial assets and deductions from charitable contributions to keep their taxes low. ProPublica highlights that the wealthy have their income taxed at a lower rate because much of their wealth is accumulated through investments, like stocks.

 

 

The Guardian

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