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.

A recent study finds that the wealthiest 400 Americans pay a 24% tax rate—lower than that of the average taxpayer. Economists behind the research say it highlights a growing gap in the country’s tax burdens.

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.

Senator Jerry Moran’s recent newsletter touts his vote on a tax bill he claims safeguards the middle class. However, it omits critical details about cuts to essential social programs and highlights who truly benefits from the tax cuts.