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Story summary
- ProPublica found the 25 richest Americans paid an average federal tax rate of 3.4% from 2014-2018.
- California’s wealth-tax proposal is opposed by billionaires including Nvidia CEO Jensen Huang, while investor Warren Buffett and philanthropist Bill Gates favor higher taxes and younger tech entrepreneurs oppose them, creating a generational split.
- Experts say state wealth taxes are hard to enforce and risk capital flight, so federal legislation would be more effective.
