Phil Magness: Top U.S. earners pay about 41 percent tax rate

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28.05.2026

Phil Magness: Top U.S. earners pay about 41 percent tax rate — U.S. wealthy pay 41 percent tax rate

Phil Magness draws attention to debates over tax rates paid by high-income individuals in the United States. He states that claims made in 2019 suggesting the ultra-wealthy pay only a little over 20 percent in overall taxes are inaccurate.

According to Magness, statistics from Gabriel Zucman in 2018 show the wealthiest Americans pay about 41 percent in combined federal, state, and local tax rates.

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Magness has frequently commented on regulatory and policy debates. In an earlier analysis, he argued that the absence of Khan and Warren in 2024 may have enabled a Spirit JetBlue merger. He has also noted that a 1974 statute addressing balance of payments deficits did not specify which metric should be used. These topics reflect his focus on details of economic policy and regulation.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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