CGTN: In America, paying taxes is optional if you're a billionaire
The report compared the amount of tax paid annually by the richest 25 Americans to their wealth accrual during the same period, as estimated by Forbes magazine.
- The report compared the amount of tax paid annually by the richest 25 Americans to their wealth accrual during the same period, as estimated by Forbes magazine.
- Of a total wealth accumulation of $401 billion, the group collectively paid $13.6 billion in taxes a dazzling sum that nonetheless translates to a real tax rate of just 3.4 percent.
- In contrast, the average American household paid 14 percent in federal taxes, at rates that rise progressively in relation to income.
- By comparison, the bottom half of all U.S. households an estimated 65 million families shared a combined wealth of $2.5 trillion, according to the report.