The wealthiest Americans pay a relatively low tax rate due to a preferential treatment of their investment income, according to a report published Thursday.
The rich can also escape tax on an asset's appreciated value by not selling it. They can pass investments to heirs with a so-called "step up in basis." That means heirs, if they sell the asset, wouldn't pay taxes on gains that accrued over the original owner's lifetime.
However, authors' estimated 8.2% tax rate may not be exact due to "imperfect" data and methods, according to the report. The rate could be as low as 6% and as high as 12%, they said.
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