Study: Corporate tax hits billionaires most

A new study using IRS data shows nearly 40% of taxes paid by the 400 richest Americans (2018–2020) came from corporate income taxes. Economist Emmanuel Saez called it “the tax that billionaires pay at source.” The ultrawealthy paid 23.8% of their economic income in taxes, much higher than prior estimates that excluded corporate tax. The study, assuming shareholders bear full corporate tax burdens, offers a broader view of how the wealthy contribute. While corporate taxes are progressive, they also impact economic growth and average investors, raising debate over their role and future in tax policy.