CA, US & World
Study Finds Billionaires Pay Lower Taxes Than Average Americans
Have you ever wondered how much billionaires really pay in taxes? A new paper from the National Bureau of Economic Research has found that the wealthiest Americans are actually paying lower rates than most households.
The study shows that those on the Forbes 400 list, which tracks the richest individuals in the country, pay an average effective tax rate of 24%. By comparison, the average American taxpayer pays about 30%.
Adding to the disparity, President Donald Trump last month approved new and extended tax breaks, giving America’s richest citizens even more advantages. According to the nonpartisan Congressional Budget Office, the top 10% of earners will see their annual income rise by an average of $13,600 due to these tax cuts. Meanwhile, the bottom 10% of Americans are projected to lose about $1,200 a year.
The findings highlight the growing gap in America’s tax system, where billionaires are paying proportionally less while everyday families shoulder more of the burden. Critics say it underscores longstanding concerns about tax fairness and income inequality.
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: NBC Palm Springs
August 28, 2025
Latest Instagram Posts
Our Kai Beech talks with the owner of Real Italian Deli in Palm Desert about why using the best ingredients matters — even when it cuts into profits. From making their own bread to carefully choosing what goes into every sandwich, quality is at the core of the business. 🥪🇮🇹 #PalmDesert #RealItalianDeli #CoachellaValley #LocalBusiness #ItalianDeli Sandwiches PalmDesertEats NBCPalmSprings
Did you know that a tablespoon of olive oil per day is great for your health? Starkie Sours shares why in this Wellness Wednesday tip! 🥗
Dolly Parton’s Lasting Impact on LGBTQ+ Community Dolly Parton’s music touched generations — and her message of acceptance left a lasting impact on the LGBTQ+ community. ❤️🏳️🌈 In Provincetown, Massachusetts, members of the queer community are remembering the country music legend and the influence her allyship had on their lives. #DollyParton #LGBTQ #LGBTQCommunity #MusicLegend #Provincetown #CountryMusic #NBCPalmSprings
Title: Dolly’s Final Song Is Set for 2046 Dolly Parton has left fans one final musical gift. 🎶 The country music legend recorded an unreleased song that is set to be released on what would have been her 100th birthday in 2046. Parton died Tuesday in Nashville at age 80 following what her publicist described as a brief battle with cancer. Her music and legacy will live on for generations. ❤️ #DollyParton #CountryMusic #MusicLegend #Entertainment #Nashville #NBCPalmSprings
☕️ Social Time with Thalia & Jerry. Favorite Dolly song? 🎶
BREAKING NEWS: Country artist Dolly Parton has died at 80 following prolonged issues. Our Maria Noble Valdez has more here. Be sure to stay tuned nbcpalmsprings.com for more information. #dollyparton #breakingnews #nbcpalmsprings
📘Make your child the main character in a book, or give someone a special keepsake.📕 Thalia discovered this app and wanted to share it with all of you: Bookestry.com
Meet Kaydee, the newest visitor to the Big Bear Valley Eagle Nest! Kaydee has been making herself right at home — and on Sunday, she gave viewers some seriously adorable head tilts while checking out her reflection in the camera dome. Experts believe Kaydee is female based on her size compared with Shadow, who she’s recently been spotted hanging out with following the death of Shadow’s longtime partner, Jackie. Jackie and Shadow’s eaglets, Sandy and Luna, fledged a few weeks ago and are now out on their own. For now, we’re happy to follow along with Kaydee’s sweet adventures! ❤️🦅 #BigBear #BigBearValley #BaldEagle #KaydeeTheEagle #ShadowTheEagle EagleNest CaliforniaWildlife Wildlife NBCPalmSprings
Calling MOOOM! The Iowa State Fair’s annual Mom Calling Contest is back, and these kids brought their best—and funniest—mom calls to the mic! From Fortnite updates to snack emergencies, apparently everything is a five-alarm situation when you’re a kid. 8-year-old Vivien Sullivan of Ankeny took home first place, a blue ribbon and $5! Would your kid win this contest? 👀 #IowaStateFair #MomCallingContest #Iowa #StateFair #KidsBeingKids #FunnyKids #Mom #FamilyFun #ViralVideo #NBCPalmSprings
☕️ Social Time with Thalia & Jerry