According to economist Gabriel Zucman, the effective tax rate of the 400 richest Americans in 2018 was 23%, slightly lower than the 24% rate for the bottom half of income earners.
U.S. stocks are likely to extend their gains as major index futures are modestly higher on Monday. Strong earnings reports continue to support the market, with S&P 500 earnings expected to grow by 5% year-over-year — the highest rate since Q2 2022.