Tax records from 2014 to 2018, analysed by ProPublica, show 25 Americans collectively earned $401bn but paid just $13.6bn
Highlights
- The wealthiest Americans paid just 3.4% of their annual income in taxes between 2014 and 2018.
- The average tax rate for the 400 richest Americans was 22% from 2013 to 2018.
- Wealthier Americans get their income through investments, like stocks, which are taxed at a lower rate than ordinary income.
- Ten of the top 15 earners on the list are billionaires who made their money in tech, earning an average of $2.5bn a year from 2013-2018.
- Last month, the White House proposed a 20% minimum tax on people making more than $100m a year for those making over $100,000 a year.
- The tax rate is expected to rise to 30% in the coming years.