Overview

• From 2018–2020, the richest 400 paid about 23.8% on a total‑tax basis versus roughly 30% for other taxpayers, with the top 100 at about 22%.
• The study tallies individual, corporate, and estate taxes and assigns a share of corporate levies to owners, with corporate taxes contributing about 9 points to the top‑400 rate.
• Effective rates for the ultrawealthy were near the national average from 2010–2017, then fell after the Tax Cuts and Jobs Act took effect in 2018.
• A new July 4 tax law the president called his “big, beautiful bill” raises the estate‑tax exemption to $15 million and extends high‑end breaks that analysts say could keep top effective rates lower.
• The authors highlight rising concentration of wealth and argue the findings bolster the case for a wealth tax targeting the ultra‑rich.