The wealthiest 400 families in the United States are paying an average income tax rate of just 8.2%, according to a new analysis from the Biden administration.
The analysis estimated billionaires paid 8.2% of their income between 2010 and 2018, including on forms of income that go largely untaxed — lower than the rates paid by most Americans.
It notes in that final year of analysis, those families had at least $2.1 billion in wealth, according to Forbes.
"How is it possible for millionaires and billionaires that can pay a lower rate of tax than teachers, firefighters or law enforcement officers?"
The Biden administration is pressing for changes to the tax code that they say will force the wealthiest Americans to "pay their fair share.".
Their proposal includes raising the income tax bracket for the wealthiest Americans back to 39.6% from the 37%, which currently hits taxpayers with a taxable income of more than $523,600 for single filers.
It also includes taxing capital gains for households making more than $1 million each year at the same tax rate, 39.6%, instead of 20%, leveling the rate on wages versus investment returns. »
