Tax Rate for Ultrarich Drops Dramatically per GOP Cuts

Wednesday, August 27, 2025

The effective tax rate for the wealthiest 0.0002 percent of Americans " a group that corresponds roughly to the billionaires on the famous Forbes 400 list " fell from 30 percent to 24 percent after the 2017 GOP tax cuts, which were extended last month by Congress in Trump's "big, beautiful bill."

Posted by Corky at 01:57 AM | 9 COMMENTS | permalink | Comment on This Entry |

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"The effective tax rate for the U.S. population as a whole is about 30 percent, and for people with the top salaries, it's about 45 percent.

But for the 100 wealthiest Americans, it's 22 percent, according to a study published Monday by the National Bureau of Economic Research."

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"The centerpiece of the 2017 Trump tax cuts was the reduction of the corporate tax rate from 35 to 21 percent, a change that made a big difference for the billionaire class.

"Out of the top 400's effective tax rate of 23.8 percent, about 9 points comes from the corporate tax," Zucman and his coauthors found."

No one could have predicted that the Billionaire President would cut the most taxes for himself and his Campaign donors!

MAGA is shocked I tells ya... shocked!!

#1 | Posted by Corky at 2025-08-27 02:04 AM | Reply

@#1 ... The effective tax rate for the U.S. population as a whole is about 30 percent, and for people with the top salaries, it's about 45 percent.

But for the 100 wealthiest Americans, it's 22 percent, according to a study published Monday by the National Bureau of Economic Research." ...

And, to try to pay for that Trump Deficit (emphasis on "try to pay for"), the Republicans have voted to cut food and medical aid to workers who strive to make endsmeet.

#2 | Posted by LampLighter at 2025-08-27 02:52 AM | Reply

Meanwhile.

25% of all of America's debt was incurred during Trump's first term office.

And considering how much he's spending on military parades, golfing, and paying the National Guard to do nothing in Washington DC, he's well on his way to out spending his first term in office.

Tax cuts for the extremely wealthy should help pay for it.

#3 | Posted by ClownShack at 2025-08-27 03:05 AM | Reply | Newsworthy 1