The Washington, D.C.-based Tax Foundation has long functioned as an apologist for America’s deepest pockets. Analysts at the foundation have spent years assuring us that our wealthiest are paying far more than their fair tax share—in the face of a reality that has our richest aggressively growing their share of the wealth all Americans are creating.

This past August, the Biden administration’s Treasury Department commissioned a new study that documented just how little of their wealth America’s richest are actually paying in taxes. Last month, the Tax Foundation responded with a predictable critique. Our super rich, insists this new Tax Foundation analysis, are still today paying “super amounts of taxes.”

But tax data, as the study Treasury officials released last summer shows, tell a far different story.

If Congress does not at some point soon raise what our ultra-rich pay in taxes as a percentage of their wealth, our grandchildren could well be living in a nation where our richest 0.01% hold half our nation’s wealth, quintuple their current share.

This Treasury study—led by an academic team that included the widely respected economists Emmanuel Saez and Gabriel Zucman—spotlighted a wide variety of stats on the incomes America’s 183.7 million taxpayer units reported and the taxes they paid in 2019.

The report devoted special attention to how much in taxes the nation’s most affluent that year paid, breaking these taxpayers down into wealth categories ranging from our richest 10% to our richest 0.001%. To drill down even deeper, the report tapped annual Forbes 400 data to calculate comparable stats for those households that sit at our nation’s even higher wealth summit.

And what did the Treasury report show? At that summit, the nation’s richest 0.0002%—a group that roughly corresponds in size to the Forbes 400—paid in 2019 federal and state taxes the equivalent of less than 1% of their wealth. The richest of America’s rich, the top 0.00005% of taxpayers, paid in federal and state taxes an amount that equaled just 0.75%.

All these rich did, to be sure, pay some foreign taxes as well. But the richest of America’s rich, even after taking these foreign taxes into account, still paid in taxes less than 1% of their wealth, as this charting of the Treasury Department stats shows.

The Tax Foundation’s just-published response to the Treasury data doesn’t dispute the accuracy of any of these figures. The Tax Foundation claims instead that the Treasury report confirms that America’s rich “pay more than one-third of their annual income in federal taxes and more than 45% when state and local taxes are included.”

Indeed, the Tax Foundation adds, the total tax burden on the nation’s super wealthy can, with foreign taxes paid taken into account, run “upwards of 60% of their annual income.”

The key word here: income. The Treasury study, the Tax Foundation charges, “classifies taxpayers according to an estimate of their wealth rather than their income, with the intention of showing that the rich pay very little in taxes.” The rich, the foundation concludes, “are not undertaxed relative to their annual income.”

This Tax Foundation’s claim begs some obvious questions: What yardstick should we use to consider whether our wealthiest are paying an appropriate amount of tax? If our wealthiest, after paying their taxes, are still watching their personal wealth grow at a higher growth rate than the nation’s total wealth, are these wealthy paying their “fair tax share”?

The annual Forbes 400 may be the best place to start our answer to that question. Between 2014 and 2024, the wealth of the Forbes 400 increased from $2.29 trillion to $5.4 trillion. That translates to an annual growth rate of 8.96%, net of taxes and living expenses. Over the same period, America’s........

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