Study Reveals Billionaires Pay Lower Tax Rates Than Ordinary Americans

A study from UC Berkeley reveals that billionaires, including the Forbes 400, pay a lower effective tax rate (24%) than the average American (30%), largely due to the lower taxation on capital gains and corporate income. The research highlights the need for a wealth tax to address growing inequality, as the current tax system favors the ultra-rich, who can often avoid paying higher taxes through various means.