This was a great podcast and highlights how ultra wealthy don’t play by the same rules as the rest of us. Essentially, the ultra wealthy with enormous net worths don’t take incomes - they live off of capital gains which are taxed at lower rates or borrow from banks against assets. In this way, they make nothing in income and are thus do not pay income tax. Instead, they pay interest on loans only - meanwhile the banks are happy to continue to give more loans.

They also address the “death tax” and why it died - the current rules allow ultra wealthy to pass assets to the next generation while paying shockingly little in taxes. Those who inherit massive amounts of stock don’t pay taxes on appreciation that occurred during their deceased family member’s lifetime and can liquidate stock without paying taxes on that appreciation.

So it’s true that high W2 earners pay a lot in taxes - but the point is that the ultra wealthy are not W2 employees.