A recent study indicates that billionaires in the United States may be paying a lower tax rate than most other citizens, pointing to a shift in how top earners contribute. Multiple outlets, including CBS News and The Atlantic, have raised questions about whether recent policy changes favored the ultra-wealthy.

David Splinter’s latest commentary reveals that while the U.S. tax system is highly progressive overall, some billionaires may still face lower effective tax rates than previously assumed. His data indicates rates can climb to 45% at the top 0.01% of earners yet could be lower among those with the greatest wealth.