Yes and no. Their taxes are based on investment income. Many use tax free bonds. Many sell the loser stocks at year end to offset the winners.
Now on a billion - yes they pay taxes. On “mere” millions of principle - it’s easier to limit tax liabilities.
“Their taxes are based on investment income.”
Their taxes are also based on income as wealthy people often work. The work ethic is how most of them became wealthy. Tax accountants work the numbers to reduce their taxes but even so they still ending up paying lots of taxes compared to people like us. The top 1% pay 37% of the taxes.
The very very rich 0.1% also pay a lot in taxes.
https://files.taxfoundation.org/20190131112443/York_1_31_19.png
