Most Americans think, no they don’t. Most say to pollsters they believe the rich pay far LESS than their fair share.

It’s no wonder we have politicians in both parties who want to raise taxes on the fat and happy super rich.

In reality, when you account for ALL direct and indirect taxes paid by the billionaire class, the tax on their income is well above 40% and can reach close to 60%. This was the conclusion of a 2024 study by the Tax Foundation.

One wonders if those soak-the-rich taxes were to rise above 50 or even 60%, how many of the truly rich will escape to a tax haven like Bermuda? Then their effective tax rate paid in the U.S. will go down to close to zero.