How much tax do billionaires really pay?

The 400 richest people in America paid an average of 24% in taxes in 2018-2020. Researchers at the University of California, Berkeley say that’s still less than the full population, which paid 30%, and laborers, who paid 45%. The report notes that C-corporations owned by the wealthiest individuals distributed relatively little in dividends, “limiting their individual income tax unless they sell their stocks.” Passthrough businesses also reported negative taxable income on average despite positive income on the books. Tax rates for the top 400 fell from 30% from 2010 to 2017 because of lower tax rates and a smaller share of business income subject to tax.