It depends how you define “billionaire”. They may not actually make a billion dollars in income annually. With that said:
Even if you drill down to the top 400 wealthiest taxpayers — data that was publicly available on an annual basis until President Donald Trump killed the report — they paid an effective tax rate of 23.1 percent in 2014. These taxpayers — with $127 billion of income — that year paid $29.4 billion in income taxes, or more than 2 percent of all income taxes, the IRS said.
Makes sense. A lot of billionaires assets are on paper, as in stocks. And the stock is effectively worthless until you sell for tax purposes. That said that is a huge difference, however I think the estimate is 11 or 12 million Undocumented in the US. Obviously not all are working.
It depends how you define “billionaire”. They may not actually make a billion dollars in income annually. With that said:
https://www.washingtonpost.com/politics/2024/01/23/biden-keeps-saying-billionaires-pay-8-percent-taxes-not-really/
Makes sense. A lot of billionaires assets are on paper, as in stocks. And the stock is effectively worthless until you sell for tax purposes. That said that is a huge difference, however I think the estimate is 11 or 12 million Undocumented in the US. Obviously not all are working.