vrijdag 15 april 2022

How The Richest Oligarchs Run American Politics

 INEQUALITY

The Richest Americans pay 3.4% in Federal Taxes, a rate 5 Times Less than most People

By Paul Kiel, Ash Ngu, Jesse Eisinger and Jeff Ernsthausen | –

( ProPublica ) – Which people and professions rake in the most income year after year? Which are most adept at shielding that money from the taxman? And what does this tell you about America?

The top earners, of course, are often fodder for lists — but those are usually based on estimates or even speculation.

trove of IRS data obtained by ProPublica has the definitive answers, revealing the incomes and tax rates of the 400 Americans with the highest incomes from 2013 to 2018. It took an average of $110 million per year in income to crack that list — with plenty of names you would expect and some that may surprise you.

    Secret IRS files reveal the top US income-earners and how their tax rates vary more than their incomes. Tech titans, hedge fund managers and heirs dominate the list, while the likes of Taylor Swift and LeBron James didn’t even make the top 400.

We’ll also show how much the 400 paid in federal income taxes. (ProPublica is naming the 15 highest income earners, along with an assortment that represent income patterns that we’ve identified.)

In theory, our tax system is designed to tax the rich at higher rates than everyone else. That’s not the way it works at the loftiest incomes. The data reveals a system where the very highest earners, on average, pay far lower tax rates than the merely affluent do. And even among the top 400, some groups have it better than others: Tech billionaires pay rates well below even other business owners.

We sought comment from every person named in this story. Most did not respond or declined to comment. See their responses.

In an era of widening gaps between the rich and everyone else, ProPublica’s analysis shows that the U.S. tax system is making inequality worse.

Article continues after bonus IC video 
PBS NewsHour: “Democrats unveil new plan to increase taxes on billionaires” 

Let’s walk you through the world of the highest-earning Americans.

The Top 400 Take Large Deductions, Which Lower Their Effective Tax Rates ..Buy, Borrow, Die” method: They borrow against their wealth to avoid taxes, then their estates are able to skirt taxes after their deaths.To make it into the top 400, each person on this list had to make an average of at least $110 million each year. A typical American making $40,000 would have to work for 2,750 years to make what the lowest-earning person in this group made in one. Each of the top 11 averaged over $1 billion in income annually from 2013 to 2018. The typical American would have to work for 25,000 years to make $1 billion.

Among the top 400, certain groups of people stood out. Tech billionaires made up 10 of the top 15 incomes. Their income generally came from selling stock. About a fifth of the top 400 earners were managers of hedge funds, making them the largest group we identified. Because their companies are typically set up as private firms, the income they make each year from trading stocks, options and other financial instruments flows directly to them. 

Executives and founders of private-equity firms also stood out. These people generally make their money by buying companies and reselling them for a profit. Heirs of large fortunes also make appearances. Among the top 400, there are 11 heirs of Walmart founders Sam and Bud Walton and four of Amway founder Richard DeVos. These Walton and DeVos heirs generally received their income from dividends or other forms of investment income produced by their large inheritances. 

So what kind of taxes do these 400 people pay?

In a progressive tax system, the more income you make, the higher your tax rate is. But in the U.S., that’s only partly true.

On average, the rate of income tax that people pay does climb as incomes ascend into the top 1%, but when you get to the range of $2 million to $5 million, that trend stops. The group earning in this range, composed mostly of business owners and workers with extremely high salaries, paid an average income tax rate of 29% from 2013 to 2018. After that, average tax rates actually drop the further up in income you go….

In the American system, there’s a huge difference between how we tax wages and how we tax investments. Income from financial assets is generally taxed at a lower rate.

Many of the top 400 hit the sweet spot of high incomes and low taxes on much of that income — landing them in the cluster to the right on this chart. Their income mostly stems from stock sales taxed at the lower rate. Since 2013, that long-term capital gains rate has been 20%, about half the top rate on ordinary income (37% in 2018). This pattern is especially true of tech billionaires like Bill Gates, whose income came predominantly from sales of Microsoft stock during this period. Every penny of Gates’ taxable income was eligible for the lower rate. That was generally true of the other tech billionaires as well. 

Executives and founders of private-equity firms also commonly report a high percentage of income from long-term capital gains, bringing their tax rates lower. They sometimes accomplish this through complex tax maneuvers and the controversial carried-interest loophole, which allows them to treat fees from managing clients’ money as investment income. Critics argue that these fees should be taxed as ordinary income. 

Taxing long-term capital gains at lower rates than income is not new. The U.S. has done so for most of the past century. But in 2003, under President George W. Bush, that special rate was extended to most stock dividends, or money paid out to owners of a company’s stock, for the first time in U.S. history. 

That change particularly benefited the wealthy. Together, the top 400 saved an average of $1.9 billion in taxes each year — due solely to the lower rate on dividends. These five benefited the most.

ESTIMATED AVERAGE ANNUAL TAXES SAVED DUE TO LOWER RATE ON DIVIDENDS, 2013-2018
Bill GatesCo-founder of Microsoft$125 million
Larry EllisonCo-founder of Oracle$106 million*
Fayez SarofimHeir, investor$93 million
Alice WaltonDescendant of Walmart founder$86 million
Sheldon AdelsonDeceased casino magnate$62 million

*The estimated average annual tax savings by Larry Ellison excludes one year of data because his savings that year were unclear. 

The Walton and DeVos heirs especially benefited from the lower dividend tax rates. Collectively, the 11 Walton descendants in the top 400 saved $371 million a year due to this tax change. 

Conversely, managers of hedge funds​​, because they often make their income through short-term trades, are often taxed mostly at the higher, ordinary rate. (There are exceptions, though.)

The kind of income the top 400 have isn’t the only thing that determines their lower tax rates. The ultrawealthy often take huge deductions that reduce their income subject to tax. 

Tech billionaires stood out in this regard. They often made large charitable donations from their stock holdings. A generous provision of the tax code allows them to deduct the full value of the stock at its current price — without having to sell it and pay capital gains tax. 

Michael Bloomberg achieved one of the lowest tax rates in the top 400 partly by taking annual deductions of more than $1 billion, mostly through charitable contributions. From 2013 to 2017, he also wrote off an average of $409 million each year from what he’d paid in state and local taxes. The 2018 tax overhaul limited that deduction to $10,000 — but also introduced a huge new deduction that Bloomberg benefited from

Those two factors — the amount of income taxed at the advantageous rate and the ability to muster large deductions — are the main drivers of lower tax rates for those with the highest incomes.

Collectively, the top 400 paid an average tax rate of 22% from 2013 to 2018.

Among the top 400, rates between different groups ranged widely, depending on the interplay of those two factors. Tech billionaires paid rates well below that average. By contrast, we found nine owners of privately held manufacturing companies who paid relatively higher tax rates, because the income from their businesses is largely taxed at the ordinary rate.

Tax Rates Vary Widely From Tech Billionaires to Owners of Manufacturing Businesses . . . Selected heirs include the 11 Walton descendants and four Devos descendants in the top 400. 

Some of this variation in rates reflects how people structure their businesses under tax law. Income earned by publicly traded corporations is taxed at the company level. When it’s passed on to big shareholders (such as tech billionaires or Walton heirs) it can come in the form of dividends, which are taxed at lower rates than ordinary income. By contrast, the income from some manufacturing companies and hedge funds flows directly to company owners, who pay taxes on it, resulting in higher effective tax rates on average.

While the income tax rates paid by the richest Americans can be surprisingly low, they are still generally much higher than the income tax rates paid by average working people.

But income taxes are only part of the story. A majority of workers actually pay more in taxes for Social Security and Medicare than income taxes. These payroll taxes are automatically deducted from paychecks every month.

The rich, meanwhile, tend to pay proportionally little of these types of taxes because wages are a small portion of their total income.

Because payroll taxes hit low- and middle-income workers disproportionately, they can wipe out the progressivity of income taxes. It’s common for wage earners to pay a higher rate of personal federal taxes than even the highest-earning Americans.

… It’s even more striking when you compare ordinary Americans with the very wealthiest Americans, as opposed to just those with the highest incomes.

As we showed last year, the richest avoid income when they can. Then they pay very little in tax when it’s measured against their growing wealth. The top 25 wealthiest Americans got $401 billion richer from 2014 to 2018, but paid just $13.6 billion in federal income taxes, a “true tax rate,” as we called it, of 3.4%.

Even the conventional income tax rate for this top 25 is remarkably low: 16%.

Over time, the gap between those at the top and ordinary Americans has gotten wider. This is evident when looking at both wealth and income.

Wealth and Income at the Top Exploded, While the Typical American’s Were Stagnant

The Top 400 Income Earners Search by name or industry: 

NAME▼ INDUSTRY▼ AVG. ANNUAL INCOME 2013 TO 2018▼ AVG. EFFECTIVE FEDERAL INCOME TAX RATE▼ % OF INCOME TAXED AT LOWER RATE*▼ % OF INCOME DEDUCTED▼ 
1Bill GatesCo-founder of MicrosoftTechnology$2.85B18.4%100%22%
2Michael BloombergCo-founder of BloombergTechnology$2.05B4.1%2%66%
3Jan KoumCo-founder of WhatsAppTechnology$1.93B19.6%100%30%
4Ken GriffinFounder of CitadelHedge Funds$1.68B29.2%21%14%
5Laurene Powell JobsWidow of Steve Jobs, co-founder of AppleTechnology$1.57B14.8%100%51%
6Jeffrey YassCo-founder of Susquehanna International GroupHedge Funds$1.30B18.7%94%4%
7David SiegelCo-founder of Two Sigma InvestmentsHedge Funds$1.17B31.6%36%10%
8John OverdeckCo-founder of Two Sigma InvestmentsHedge Funds$1.17B34.2%12%9%
9Larry Ellison Co-founder of OracleTechnology$1.07B21.8%100%17%
10Steve BallmerFormer CEO of MicrosoftTechnology$1.05B14.1%100%45%
11Sergey BrinCo-founder of GoogleTechnology$1.04B17.1%100%40%
12Larry PageCo-founder of GoogleTechnology$990M13.2%100%58%
13Pierre OmidyarFounder of eBayTechnology$866M17.0%100%33%
14Israel EnglanderCo-founder of Millennium ManagementHedge Funds$836M30.8%7%18%
15Jeff BezosFounder of AmazonTechnology$832M23.2%100%3%
16Name withheld Hedge Funds$805M26.4%56%10%
17Stephen SchwarzmanCo-founder of BlackstonePrivate Equity$782M22.3%86%21%
18Name withheld Technology$742M19.5%100%32%
19Fayez Sarofim Heir to Sarofim fortune and founder of Fayez Sarofim & Co.Heir, Finance$729M23.0%68%9%
20Alice WaltonHeir to Walmart fortuneHeir$727M18.2%100%27%
21Name withheld Hedge Funds$708M22.5%34%21%
22Name withheld Other$705M26.6%56%16%
23Name withheld Hedge Funds$686M35.2%16%18%
24Name withheld Other$665M11.0%78%57%
25Name withheld Technology$664M17.3%100%40%
26Name withheld Technology$659M19.2%82%34%
27Rob WaltonHeir to Walmart fortuneHeir$657M20.6%100%14%
28Name withheld Hedge Funds$654M27.4%80%7%
29Mark ZuckerbergCo-founder of FacebookTechnology$652M13.7%100%52%
30Name withheld Technology$597M16.6%100%41%
31Name withheld Other$587M25.7%14%19%
32Name withheld Hedge Funds$587M27.7%2%26%
33Name withheld Other$570M29.6%5%14%
34Name withheld Technology$566M14.6%100%51%
35Name withheld Other$554M23.5%100%8%
36Name withheld Other$541M12.4%100%59%
37Name withheld Other$536M7.5%11%25%
38Name withheld Other$524M29.9%0%15%
39Name withheld Other$520M2.6%100%64%
40Name withheld Hedge Funds$505M35.4%1%10%
41Lukas Walton Heir to Walmart fortuneHeir$501M18.7%100%25%
42Name withheld Manufacturing$492M34.3%1%10%
43Name withheld Hedge Funds$488M12.6%100%52%
44Name withheld Hedge Funds$484M33.3%8%9%
45Name withheld Hedge Funds$460M12.3%100%60%
46Name withheld Hedge Funds$447M21.0%12%44%
47Name withheld Other$441M28.2%5%14%
48Sheldon AdelsonDeceased casino magnateResorts, Casinos$437M18.7%100%25%
49Name withheld Hedge Funds$432M25.8%33%17%
50Name withheld Hedge Funds$432M31.4%74%1%
51Name withheld Other$431M19.1%100%27%
52Name withheld Other$423M22.1%99%0%
53Name withheld Other$415M27.7%63%0%
54Name withheld Technology$405M17.3%100%41%
55Jim WaltonHeir to Walmart fortuneHeir$399M19.3%100%24%
56Name withheld Other$399M18.4%100%15%
57Name withheld Other$395M32.5%10%11%
58Name withheld Other$387M29.1%85%2%
59Name withheld Hedge Funds$382M24.6%66%15%
60Name withheld Other$381M20.6%100%19%
61Stephen Feinberg Co-founder of Cerberus Capital ManagementPrivate Equity$381M26.4%14%26%
62Name withheld Other$381M20.8%100%11%
63Name withheld Hedge Funds$380M19.3%5%48%
64Name withheld Hedge Funds$376M23.1%29%15%
65Name withheld Other$376M33.4%6%3%
66Name withheld Other$374M25.8%71%9%
67Name withheld Other$374M23.8%100%3%
68Name withheld Hedge Funds$373M24.0%54%25%
69Name withheld Other$371M32.9%11%4%
70Name withheld Other$368M21.5%100%15%
71Name withheld Hedge Funds$357M21.1%49%28%
72Name withheld Hedge Funds$352M23.0%55%25%
73Name withheld Hedge Funds$342M18.6%91%7%
74Name withheld Technology$338M17.5%100%39%
75Name withheld Hedge Funds$332M32.5%36%9%
76Name withheld Hedge Funds$331M16.2%62%43%
77Name withheld Hedge Funds$328M19.2%45%28%
78Name withheld Other$322M31.1%0%22%
79Name withheld Other$319M30.0%0%21%
80Name withheld Hedge Funds$318M29.1%72%16%
81Name withheld Hedge Funds$316M26.8%14%18%
82Name withheld Manufacturing$314M22.0%34%32%
83Name withheld Other$309M21.2%100%12%
84Name withheld Technology$305M14.3%60%54%
85Name withheld Other$304M19.6%100%12%
86Name withheld Other$302M19.3%4%50%
87Name withheld Other$302M17.4%100%12%
88Name withheld Technology$300M33.5%3%12%
89Name withheld Other$299M19.4%20%29%
90Name withheld Other$296M27.5%100%18%
91Name withheld Hedge Funds$291M31.8%80%1%
92George Roberts Co-founder of Kohlberg Kravis RobertsPrivate Equity$290M20.4%92%27%
93Name withheld Other$289M33.9%1%8%
94Name withheld Other$288M37.8%0%2%
95Name withheld Other$286M12.4%100%54%
96Name withheld Private Equity$286M23.9%93%3%
97Name withheld Other$284M19.3%100%2%
98Name withheld Other$283M19.4%100%2%
99Name withheld Hedge Funds$281M21.7%16%35%
100Name withheld Hedge Funds$280M35.0%2%11%
101Name withheld Other$280M13.4%100%38%
102Name withheld Other$280M22.2%100%12%
103Name withheld Other$278M21.9%100%14%
104Carrie Walton Penner Heir to Walmart fortuneHeir$277M20.3%100%18%
105Name withheld Other$276M33.9%1%12%
106Name withheld Private Equity$272M20.8%83%25%
107Name withheld Hedge Funds$271M31.8%1%17%
108Sam WaltonHeir to Walmart fortuneHeir$270M22.5%100%7%
109Name withheld Hedge Funds$267M13.5%55%51%
110Name withheld Other$267M16.9%100%18%
111Name withheld Hedge Funds$266M18.7%100%26%
112Name withheld Hedge Funds$264M31.6%32%13%
113Name withheld Hedge Funds$263M29.2%15%15%
114Name withheld Other$263M22.4%94%2%
115Name withheld Hedge Funds$262M17.7%5%45%
116Name withheld Other$255M20.4%100%24%
117Name withheld Other$254M24.0%100%2%
118Elon MuskCEO of TeslaAutomotive$254M27.0%1%29%
119Name withheld Hedge Funds$253M23.0%76%15%
120Steuart Walton Heir to Walmart fortuneHeir$252M22.9%100%5%
121Tom WaltonHeir to Walmart fortuneHeir$248M23.0%99%4%
122Name withheld Hedge Funds$245M25.4%57%15%
123Name withheld Private Equity$244M19.1%97%31%
124Name withheld Other$244M22.9%100%14%
125Name withheld Hedge Funds$243M32.2%8%8%
126Name withheld Other$243M16.6%100%33%
127Name withheld Technology$241M18.3%100%34%
128Name withheld Other$240M35.3%1%8%
129Leon BlackCo-founder of Apollo Global ManagementPrivate Equity$240M19.7%97%35%
130Name withheld Other$240M26.3%100%16%
131Name withheld Technology$239M24.3%98%0%
132Name withheld Other$238M20.6%100%0%
133Name withheld Other$237M7.8%22%63%
134Name withheld Other$236M26.7%62%26%
135Name withheld Private Equity$235M12.0%100%55%
136David KochDeceased co-owner of Koch IndustriesOil and Gas$234M17.0%100%39%
137David BondermanFounding partner of TPG CapitalPrivate Equity$234M19.1%100%24%
138Name withheld Other$233M21.0%100%15%
139Name withheld Hedge Funds$232M26.5%38%15%
140Name withheld Other$231M20.7%100%16%
141Name withheld Private Equity$231M16.0%100%59%
142Name withheld Other$229M28.6%1%17%
143Name withheld Hedge Funds$228M24.1%13%29%
144Name withheld Other$226M14.2%100%36%
145Name withheld Other$226M26.6%91%5%
146Name withheld Hedge Funds$223M26.5%36%13%
147Name withheld Other$223M32.2%2%17%
148Name withheld Other$222M22.7%100%16%
149Name withheld Other$220M26.8%75%2%
150Name withheld Hedge Funds$215M20.3%100%16%
151Name withheld Other$215M24.5%4%10%
152Ben WaltonHeir to Walmart fortuneHeir$213M18.5%100%26%
153Charles Koch Co-owner of Koch IndustriesOil and Gas$213M16.5%98%34%
154Name withheld Technology$212M24.5%0%35%
155Name withheld Hedge Funds$211M19.1%20%37%
156Name withheld Technology$209M17.8%100%32%
157Name withheld Other$207M9.5%90%66%
158Name withheld Hedge Funds$205M28.6%1%28%
159Name withheld Private Equity$205M18.5%100%28%
160Name withheld Other$203M33.1%10%10%
161Name withheld Hedge Funds$203M18.9%100%9%
162Name withheld Private Equity$202M22.0%98%10%
163Name withheld Other$200M23.1%95%1%
164Name withheld Other$200M22.1%100%7%
165Name withheld Technology$200M22.7%99%23%
166Name withheld Private Equity$199M19.0%100%22%
167Name withheld Private Equity$199M22.7%100%7%
168Name withheld Other$197M16.8%100%30%
169Name withheld Other$196M30.9%2%17%
170Name withheld Other$195M17.5%100%36%
171Name withheld Other$195M19.1%97%4%
172Alice Proietti Heir to Walmart fortuneHeir$195M18.6%100%24%
173Name withheld Private Equity$194M20.0%90%29%
174Name withheld Other$193M36.2%25%4%
175Name withheld Other$193M20.9%100%23%
176Name withheld Private Equity$193M24.4%92%4%
177Name withheld Other$192M35.7%8%3%
178Name withheld Other$191M29.6%7%22%
179Name withheld Other$191M30.3%15%6%
180Name withheld Private Equity$190M22.6%92%19%
181Name withheld Technology$188M21.3%22%14%
182Name withheld Other$188M27.6%24%18%
183Name withheld Technology$185M24.7%94%1%
184Name withheld Other$185M25.2%100%4%
185Name withheld Other$184M34.8%1%11%
186Name withheld Hedge Funds$183M27.6%71%13%
187Name withheld Other$183M23.9%92%17%
188Name withheld Other$183M21.3%100%25%
189Name withheld Hedge Funds$183M31.1%36%13%
190Name withheld Other$183M23.9%87%9%
191Name withheld Hedge Funds$182M23.9%94%16%
192Name withheld Hedge Funds$182M24.1%94%15%
193Name withheld Other$181M19.1%9%7%
194Name withheld Other$180M19.7%10%7%
195Name withheld Hedge Funds$180M22.1%100%17%
196Name withheld Other$180M5.1%13%1%
197Name withheld Other$179M23.6%100%4%
198Name withheld Technology$179M35.4%2%7%
199Name withheld Other$179M17.2%100%39%
200Name withheld Private Equity$177M26.2%71%7%
201Name withheld Private Equity$177M26.4%47%11%
202Name withheld Technology$175M18.3%100%33%
203Name withheld Other$175M13.9%100%59%
204Name withheld Other$175M25.9%90%3%
205Name withheld Private Equity$175M21.0%95%21%
206Name withheld Private Equity$174M19.1%100%23%
207Name withheld Hedge Funds$174M30.1%9%21%
208Name withheld Other$174M22.7%98%13%
209Name withheld Hedge Funds$174M24.2%100%11%
210Name withheld Other$174M23.1%31%36%
211Name withheld Hedge Funds$173M16.0%100%50%
212Name withheld Technology$171M26.0%100%13%
213Name withheld Other$171M16.1%3%9%
214Name withheld Private Equity$171M17.6%100%26%
215Name withheld Private Equity$168M29.6%17%22%
216Name withheld Other$167M15.5%100%48%
217Name withheld Other$167M16.8%10%9%
218Name withheld Other$167M16.4%100%45%
219Name withheld Other$167M21.0%93%13%
220Name withheld Hedge Funds$166M33.4%12%12%
221Name withheld Other$166M15.1%67%26%
222Name withheld Other$166M33.3%5%11%
223Name withheld Other$166M0.7%0%100%
224Name withheld Hedge Funds$165M24.0%30%29%
225Name withheld Technology$164M7.9%83%30%
226Name withheld Other$164M15.1%100%37%
227Name withheld Technology$163M21.7%100%21%
228Name withheld Other$163M29.1%28%26%
229Name withheld Other$163M18.7%100%24%
230Name withheld Other$162M33.1%13%13%
231Name withheld Technology$162M21.0%4%44%
232Name withheld Other$161M19.9%100%3%
233Name withheld Other$160M19.9%8%31%
234Name withheld Hedge Funds$159M34.2%1%14%
235Name withheld Other$158M34.6%0%17%
236Name withheld Hedge Funds$157M26.2%12%25%
237Name withheld Technology$155M20.0%100%20%
238Name withheld Technology$155M16.2%79%33%
239Name withheld Other$154M29.3%9%11%
240Name withheld Private Equity$154M18.0%96%9%
241Name withheld Other$153M20.8%100%12%
242Name withheld Other$153M20.9%99%17%
243Name withheld Manufacturing$153M28.3%31%6%
244Name withheld Other$152M18.9%94%25%
245Name withheld Technology$152M16.5%100%31%
246Name withheld Other$151M24.1%97%1%
247Name withheld Other$151M32.3%7%15%
248Name withheld Other$151M18.6%100%16%
249Maria DeVos Heir to Amway fortuneHeir$150M12.6%94%22%
250Name withheld Other$150M33.7%7%8%
251Name withheld Hedge Funds$149M22.2%87%14%
252Name withheld Technology$149M23.2%100%14%
253Name withheld Other$149M30.1%7%19%
254Name withheld Other$149M25.9%96%2%
255Name withheld Other$149M22.1%100%14%
256Name withheld Other$148M21.4%100%3%
257Name withheld Other$148M6.6%100%28%
258Name withheld Other$148M37.9%0%1%
259Name withheld Other$148M27.6%9%11%
260Name withheld Private Equity$148M24.8%71%12%
261Name withheld Hedge Funds$147M25.3%91%15%
262Name withheld Manufacturing$147M33.8%0%14%
263Name withheld Technology$147M23.4%100%6%
264Name withheld Other$147M23.6%100%18%
265Name withheld Other$147M29.0%4%20%
266Cheri DeVosHeir to Amway fortuneHeir$146M15.1%89%20%
267Name withheld Other$146M16.3%90%37%
268Name withheld Other$145M20.8%100%16%
269Name withheld Private Equity$144M28.7%56%3%
270Name withheld Hedge Funds$144M28.1%47%11%
271Name withheld Other$143M13.3%100%48%
272Name withheld Other$143M24.6%84%12%
273Name withheld Other$142M25.4%100%8%
274Name withheld Hedge Funds$141M27.4%63%11%
275Name withheld Manufacturing$141M38.1%1%2%
276Name withheld Hedge Funds$140M26.8%38%23%
277Name withheld Other$140M20.6%100%23%
278Name withheld Hedge Funds$140M23.2%92%21%
279Name withheld Other$138M30.2%5%21%
280Name withheld Private Equity$138M19.9%97%20%
281Name withheld Hedge Funds$138M24.9%50%13%
282Name withheld Private Equity$138M20.4%100%1%
283Name withheld Hedge Funds$137M32.3%0%17%
284Name withheld Other$137M28.3%10%11%
285Name withheld Hedge Funds$137M18.5%92%36%
286Name withheld Technology$137M15.6%100%43%
287Name withheld Other$136M36.9%1%4%
288Name withheld Hedge Funds$136M35.9%2%8%
289Name withheld Other$135M33.9%1%12%
290Name withheld Private Equity$135M12.3%100%50%
291Name withheld Other$135M34.0%2%7%
292Name withheld Technology$134M20.3%100%17%
293Daniel DeVos Heir to Amway fortuneHeir$134M13.9%94%19%
294Name withheld Technology$134M25.3%88%15%
295Name withheld Manufacturing$133M16.0%25%54%
296David RubensteinCo-founder of The Carlyle GroupPrivate Equity$133M11.4%100%56%
297Name withheld Other$133M25.2%85%5%
298Name withheld Other$133M22.9%100%9%
299Name withheld Other$133M17.2%100%47%
300Name withheld Other$133M31.9%0%20%
301Name withheld Other$133M26.5%11%21%
302Name withheld Hedge Funds$132M23.8%9%29%
303Name withheld Other$132M23.4%99%1%
304Name withheld Hedge Funds$132M24.8%52%18%
305Stan Kroenke and Ann Walton KroenkeHeir to Walmart fortuneHeir$131M14.0%100%30%
306Name withheld Private Equity$131M22.5%89%10%
307Name withheld Other$130M34.4%3%10%
308Name withheld Other$129M22.7%100%21%
309Name withheld Other$129M31.3%1%19%
310Name withheld Manufacturing$129M32.2%0%15%
311Name withheld Other$129M35.7%1%5%
312Name withheld Hedge Funds$128M29.0%37%17%
313Name withheld Other$128M21.9%100%9%
314Name withheld Other$127M17.7%100%32%
315Name withheld Other$127M19.0%100%15%
316Name withheld Other$127M0.7%100%98%
317Name withheld Other$127M8.2%0%0%
318Name withheld Technology$127M25.8%1%35%
319Name withheld Other$126M32.3%10%13%
320Name withheld Other$126M29.7%16%19%
321Name withheld Other$125M36.0%1%9%
322Name withheld Private Equity$125M19.4%2%51%
323Name withheld Other$125M24.4%88%3%
324Name withheld Hedge Funds$125M18.1%100%38%
325Name withheld Private Equity$125M16.4%77%49%
326Name withheld Manufacturing$125M32.7%2%12%
327Name withheld Hedge Funds$125M32.0%0%11%
328Name withheld Other$124M23.5%69%24%
329Name withheld Private Equity$124M22.0%100%10%
330Name withheld Other$124M23.8%100%4%
331Name withheld Technology$124M19.5%12%24%
332Name withheld Private Equity$124M24.5%98%3%
333Name withheld Technology$124M11.9%18%41%
334Name withheld Other$124M17.8%100%22%
335Name withheld Private Equity$123M27.0%57%13%
336Name withheld Other$123M29.2%23%13%
337Name withheld Hedge Funds$123M21.6%99%6%
338Name withheld Other$123M24.0%100%17%
339Name withheld Hedge Funds$123M21.8%100%12%
340Name withheld Other$122M23.3%100%13%
341Name withheld Other$122M20.5%100%13%
342Name withheld Hedge Funds$122M20.9%93%24%
343Name withheld Other$122M32.9%3%15%
344Name withheld Other$121M14.1%100%2%
345Name withheld Technology$121M34.2%1%11%
346Name withheld Other$121M24.9%88%6%
347Name withheld Private Equity$120M22.7%100%16%
348Name withheld Other$120M23.3%100%12%
349Name withheld Other$120M35.3%0%11%
350Name withheld Other$120M20.4%100%16%
351Name withheld Hedge Funds$120M36.0%23%8%
352Name withheld Other$120M23.3%100%3%
353Name withheld Other$120M27.1%9%27%
354Name withheld Other$120M32.8%14%9%
355Name withheld Private Equity$119M23.3%100%13%
356Name withheld Other$119M35.4%6%7%
357Name withheld Technology$119M20.0%6%29%
358Name withheld Hedge Funds$119M27.8%32%18%
359Name withheld Other$118M24.7%40%22%
360Name withheld Private Equity$118M31.3%80%2%
361Name withheld Other$117M23.7%87%9%
362Name withheld Other$117M14.7%100%49%
363Name withheld Hedge Funds$117M20.2%100%22%
364Name withheld Technology$117M31.7%1%18%
365Name withheld Hedge Funds$117M26.9%32%15%
366Name withheld Other$117M20.5%100%20%
367Name withheld Other$117M19.0%82%1%
368Name withheld Technology$116M19.9%100%34%
369Name withheld Other$116M33.4%7%11%
370Name withheld Other$116M30.4%29%10%
371Name withheld Other$116M17.8%100%12%
372Name withheld Hedge Funds$116M22.3%84%26%
373Name withheld Hedge Funds$116M21.6%47%34%
374Name withheld Manufacturing$115M32.1%7%14%
375Name withheld Other$115M33.9%3%11%
376Name withheld Technology$115M11.3%4%23%
377Name withheld Other$114M33.3%17%11%
378Name withheld Private Equity$114M28.3%77%8%
379Name withheld Other$114M20.6%100%19%
380Name withheld Technology$114M24.6%35%29%
381Name withheld Other$114M36.4%0%7%
382Name withheld Technology$113M23.6%100%0%
383Name withheld Private Equity$113M26.8%50%8%
384Name withheld Other$113M37.1%2%5%
385Name withheld Hedge Funds$113M24.3%9%37%
386Name withheld Technology$112M11.8%4%19%
387Name withheld Hedge Funds$112M37.4%2%4%
388Name withheld Other$112M35.9%4%4%
389Betsy DeVosHeir to Prince and Amway fortunesHeir$112M10.6%99%21%
390Name withheld Other$112M14.0%100%54%
391Name withheld Private Equity$112M23.4%79%17%
392Name withheld Other$112M26.6%0%22%
393Name withheld Other$111M15.4%12%7%
394Name withheld Other$111M22.2%100%15%
395Name withheld Other$111M20.3%3%8%
396Name withheld Other$110M18.1%38%47%
397Name withheld Private Equity$110M21.3%100%18%
398Name withheld Hedge Funds$110M27.9%69%14%
399Name withheld Other$110M19.5%100%23%
400Name withheld Other$110M39.0%0%10%

*Only the names of selected individuals are shown. Each individual’s percentage of income taxed at the lower rate is calculated using their highest income earning year from 2013 to 2018.

Paul Kiel covers business and consumer finance for ProPublica.

Ash Ngu is a reporter, designer and developer with ProPublica’s news apps team.

Jesse Eisinger is a senior editor and reporter at ProPublica.

Jeff Ernsthausen is a data reporter at ProPublica.

Additional reporting by Doris Burke, Lynn Dombek and Justin Elliott. Additional contributions from Alex Bandoni, Peter DiCampo and Lisa Larson-Walker.

https://www.juancole.com/2022/04/richest-americans-federal.html

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