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Billionaires in the United States are subject to various taxes, including income tax, capital gains tax, and estate tax. However, their effective tax rate is often lower than that of ordinary citizens due to various tax loopholes and deductions.[1] According to a study by Oxfam America, the 10 richest U.S. billionaires saw their wealth increase by $365 billion over the past 12 months, and if their wealth gains were taxed like income from work, they would owe a collective $135 billion in taxes.[2]Trump's Proposed Tax ChangesTrump's proposed bill includes a provision to increase the top tax rate from 37% to 39.6% for taxable income greater than $5 million for married couples and $2.5 million for unmarried taxpayers.[3] However, due to various tax breaks and deductions, it's estimated that only 15% of the income of the wealthiest taxpayers would be subject to this higher rate.[4]Effective Tax Rate for BillionairesThe effective tax rate for billionaires is often lower than the statutory tax rate due to various tax preferences, such as the deduction for "pass-through" business income and the lower tax rate on capital gains and dividends.[5] According to a White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual income tax rate of just 8.2%.[6]Impact of Trump's Bill on Billionaire TaxationThe impact of Trump's bill on billionaire taxation is complex and depends on various factors, including the specific provisions of the bill and the individual circumstances of each billionaire. However, it's estimated that the bill would result in a relatively small increase in tax revenue from the wealthiest taxpayers.[7]The billionaires would likely pay a relatively low effective tax rate, potentially around 8.2% or slightly higher, due to various tax loopholes and deductions, despite Trump's proposed increase in the top tax rate.ConclusionIn conclusion, Trump's bill has been criticized for its potential to benefit the wealthy and large corporations at the expense of ordinary citizens. While the bill includes some provisions aimed at increasing tax revenue from the wealthiest taxpayers, its overall impact on billionaire taxation is likely to be limited.Authoritative Sources*Huey » 10 minutes ago » wrote: ↑ Again, junior, post the portion of the bill that supports your talking points.