BusinessDependsIncome-Tax

Is the Income-Tax Rate on the Rich 8%, or 23%? Depends on Whose Math You Use

What do the wealthy pay in federal taxes? On paper, the top marginal income-tax rate is 37% on ordinary income and 23.8% on capital gains. Government estimates put high-income filers’ average rates in the mid-20s.

A new Biden administration analysis, however, pegs the average tax rate for the 400 wealthiest households at 8.2% from 2010 to 2018. If that is right, the administration has a firmer case to raise taxes on the ultrarich.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close