Who really pays the most taxes? | Phil Magness | Just Asking Questions, Ep. 23

Economist and author Phil Magness debunks a recent 'New York Times' piece and shoddy academic work about the rich and their taxes.

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How much do billionaires really pay in taxes?

"Today, the superrich control a greater share of America's wealth than during the Gilded Age of Carnegies and Rockefellers," said Gabriel Zucman in a recent New York Times opinion piece entitled, "It's Time to Tax the Billionaires."

Zucman is an economist at the Paris School of Economics and the University of California, Berkeley, and a frequent collaborator with superstar economist Thomas Piketty, author of the extremely influential book on wealth inequality, Capital in the Twenty-First Century.

But today's guest, Phil Magness—an economic historian, author, and the David J. Theroux Chair in Political Economy at the Independent Institute—says the work of Piketty and his circle of inequality-obsessed colleagues is deeply flawed and sometimes outright deceptive. He points out that billionaires do pay taxes…a lot of taxes. And the inequality literature is riddled with errors and bad statistics.

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