This is the core problem, though, Galle said: The American tax system allows the wealthy to choose when they pay taxes, a choice they often delay indefinitely. Citing research by economist Emmanuel Saez, Galle noted that billionaires pay an all-in tax rate that is 20% lower than that of the median American household. While the American tax code may look progressive on paper, he argued, it is very much not in practice, because the ultrawealthy can choose when they sell assets and realize capital gains, trigg ...