Biden repeats false claim that billionaires pay 3% tax rate, gets flagged by Twitter
By: Nicholas Ballasy (Just The News)
S E E D E D C O N T E N T
President Biden tweet this past weekend that billionaires pay a 3% tax rate has been refuted by fact check websites and has now been flagged by Twitter.
"Look, I think you should be able to be a billionaire if you can earn it," Biden tweeted. "But just pay your fair share. I think you ought to pay a minimum tax of 25%. It's about basic fairness.
According to FactCheck.org, Biden made the same 3% tax claim twice in February.
"Biden's statements refer to a White House economic analysis that included earnings on unsold stock as income," reads a FactCheck.org analysis. "After factoring in this change in wealth, the analysis estimated the average federal individual income tax rate for the 400 wealthiest families was 8.2%, based on the years 2010 to 2018. (On Feb. 9 and 15, Biden incorrectly said 3%.)"
According to a Tax Policy Center chart" "When looking only at income, the top-earning taxpayers, on average, pay higher tax rates than those in the income groups below them. The top 0.1% of earners, with more than $4.4 million in expanded cash income, pay an average rate of 25.1% in federal income and payroll taxes.
Those in the middle 20%, with income from $59,700 to $105,900, pay an average of 12.3%," the organization's analysis concluded.
Twitter's "community notes" posted several additional sources - including ones by Politifact and CNN - that found Biden's claim to be inaccurate.
"This claim has been repeatedly assessed as inaccurate," the Twitter post reads. "It relies on a theoretical calculation that treats unrealized capital gains (increase in the value of unsold stocks) as income even though current tax law does not. (Taxes occur once stocks are sold for profit.)."
Twitter CEO Elon Musk, who is also CEO of Tesla and SpaceX, responded to Biden's post and said he pays a much higher tax rate than 3%.
"I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!," he wrote. "I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022."
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It's amazing how many will try to explain off the numerous lies coming out of the blithering idiot in the WH.
As Biden continues to sound more and more like he's campaigning for his reelection he's going to push more and more to the left again. These bullshit claims that are easily fact checked won't endear him to the independent voters.
I wish one of the parties would actually start addressing the kitchen table concerns of the electorate. Not, lip service. Not pointing fingers, but actually sit down and tell the American people, "This is how we solve this issue." and mean it.
It won't though. The 2 political parties are too becoming too insular further dividing the country and it ends up being a race to see who can be the shitter candidate... Which is why I'm now starting to look at 3rd party alternatives for the first time. Yes it might be a waste of my vote, but I'd rather vote FOR someone, than AGAINST someone else.
By all means, contribute to getting Trump elected again so you can stay true to your principles of "non-partisanship".
By all means, John, contribute to the rise of Populism in your party. Party purity is the best way to control the minions.
This right here ^^^^^^^^^^ Until we have a strong viable 3rd party we will never get good choices, unless it is by accident.
Until we start voting for 3rd parties we will never have strong viable choices. It's kind of a vicious circle.
"I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022."
"I also made more money than anyone ever in the history of Earth in 2021 and 2022 and thats why I paid so much in taxes. "
So you don't care that Biden has told more lies in his political career than any other politician on earth?
uh, no.
They explain them off as "he misspoke". Like when he lied about where his own child died and conversations with his dead father.
And who are you quoting?
joe blow
He lied about the substance of his first veto. As anyone who has followed his career for the last half century knows, when Biden opens his mouth, he is lying.
Project much?
deflect much?
You better have proof the Sean has lied his entire career, or you have just slandered him.
And his first veto, of a bipartisan bill intended to protect the investments of millions of retirees, is a disgrace.
It's insane. Prioritizing racialist nonsense over retiree's income. And he dares to scare seniors by claiming Republicans want to cut retirement benefits.
I don't understand why this bill was needed in the first place.
Fiduciaries are not mandated to do anything in regards to the rule. The bill was unnecessary and more political theater. The Senate Dems that voted for it are coming up for reelection in conservative districts.
So the Senate dems who voted for it have no integrity, And in America Senators represent states not districts. Do you want to try again?
So the Senate Dems who voted for it are doing what politicians do to win reelection. Integrity isn't something normally found in any politician. If it's integrity you want you won't find much of it anywhere near DC.
Do you want to fuck off? OR would you like to continue being a troll?
They were required to only consider investment returns when investing retirement funds. Now they can consider "climate change" and other progressive agenda items when investing.
The operative word is "can". Investors are in the business of making money like everyone else. If some progressive agenda item is a losing investment they won't do it and can't be forced to. I noticed the investor lobby is pretty, meh on the news AND when considering there are some 24 red states all bonered up to go to court over the rule nobody here should get all hot and bothered about Biden and Congress playing more political games.
So if your broker goes woke, You go broke?
That's not surprise.