Phil Magness: Saez and Zucman Billionaire Tax challenges traditional U.S. tax law

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Ivan Andriyenko

13.06.2026

Phil Magness: Saez and Zucman Billionaire Tax challenges traditional U.S. tax law — Wealth tax departs from U.S. tax law

Phil Magness questions the foundation of the proposed Saez and Zucman Billionaire Tax, claiming it is based on three statistical falsehoods.

He specifically highlights that the tax's structure departs from longstanding U.S. tax law by targeting changes in net worth, including unrealized gains that do not constitute income.

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Magness has previously challenged prevailing claims about tax burdens, stating that top U.S. earners pay about 41 percent in combined federal, state, and local taxes. In a separate instance, he alleged that Gabriel Zucman deleted a contradictory data file after publishing a corporate tax chart in the New York Times in 2019. These earlier claims reflect Magness's ongoing scrutiny of tax policy proposals and related data.

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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