Billionaires sit on vast pools of money and assets, and only a tiny portion of their wealth goes toward federal incomes taxes — they’ve paid an average income tax rate of 8.2% over roughly the last decade.
That’s according to a new report from analysts at the White House’s Council of Economic Advisers and the Office of Management and Budget — and it’s another justification, they say, for increasing tax rates for the richest Americans and changing how capital gains taxation is applied.
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