CBS - The individuals who make up the Forbes 400 list, topped by Tesla CEO Elon Musk with a fortune of $244 billion, paid an average effective tax rate of 24% from 2018 to 2020, compared with a 30% rate for all other U.S. taxpayers, the researchers said in a new paper published in the National Bureau of Economic Research.
The research comes as President Trump's "big, beautiful bill," signed into law on July 4, delivers its largest benefits to the highest-earning Americans through a mix of new and extended tax breaks. Those include raising the estate-tax exemption to $15 million per person, up from about $14 million.
The changes build on an earlier tax cut — the Tax Cuts and Jobs Act, Mr. Trump's signature first-term legislation. That 2017 law reduced the effective tax rate for the richest Americans from 30% to 24%, the researchers found.
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