A UC Berkeley study finds billionaires pay an average effective tax rate of just 23.8%, lower than the 30% for most Americans and far below the 45% paid by top wage earners. Researchers say the gap stems from how billionaires report far less taxable income relative to economic income. The study also shows billionaire wealth has surged, rising from 0.9% of household wealth in 1982 to 4.1% in 2025.

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