Billionaires in the United States routinely pay a lower effective tax rate on their massive fortunes than the average working-class plumber or public school teacher.

A closer look

Billionaires in the United States routinely pay a lower effective tax rate on their massive fortunes than the average working-class plumber or public school teacher. Thanks to an incredibly complex web of offshore accounts, charitable trusts, and the magical tax loophole of taking out loans against unsold stock, they can fund lavish lifestyles without ever triggering a taxable income event. They just borrow millions from banks using their bloated stock portfolios as collateral, completely bypassing the revenue service while the rest of us get penalized for picking up an extra shift at work. It is a stunningly elegant legal racket that ensures the people who benefit the most from the economy contribute the absolute bare minimum to keep it running!