The 25 wealthiest people in America like Bill Gates and Michael Bloomberg paid a lower tax rate than someone earning $45,000, a massive new report shows

Main Idea: A new ProPublica report says America’s richest people, including the top 25, paid a lower total tax rate than a worker earning $45,000, adding fresh pressure on Joe Manchin and other lawmakers debating taxes on the wealthy.

Key Points:

• ProPublica says the 400 richest Americans paid a 22% income tax rate on average from 2013 to 2018.
• People earning $2 million to $5 million paid a higher income tax rate, about 29%.
• A single worker making $45,000 had a 21% total tax rate once payroll taxes were included, while the top 25 richest people had a 16% total tax rate.
• The report says rich Americans often pay less because much of their money comes from assets like stocks and real estate, not wages, and Joe Manchin has opposed Biden’s plan to tax billionaires on unrealized gains.