Or read the paper and notice they found it’s worse in Europe.
Interestingly, the top-end effective rates we obtain in the United States are higher than in Europe. In the Netherlands, Bruil et al. (2025) find an effective tax rate of less than 20% of economic income for the top 0.0001%, roughly the population of Dutch billionaires. Ring, Seim and Zucman (2025) obtain similar numbers in Sweden and Norway. In France, Bach et al. (2023) estimate an effective tax rate of 26% for the top 0.0002% in 2016 (vs. 30% for the top 0.0002% in our series pre-Tax Cuts and Jobs Acts). In Europe the individual income tax paid by billionaires is even lower than in the United States. As shown by Ring et al. (2025), this can be explained by the widespread use of personal wealth-holding companies, which allow ultra high-net-worth individuals in Europe to avoid the individual income tax, a technique heavily penalized in the United States since the 1930s.
Unless you’re saying European countries are on their way, too?
You might have a point.
Shithole country well on its way to being a Russia clone.
Or read the paper and notice they found it’s worse in Europe.
Unless you’re saying European countries are on their way, too? You might have a point.