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President Joe Biden’s Twitter account posted a questionable statistic on Saturday about how much tax American billionaires pay.
“Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share,” Biden’s tweet read. “I think you ought to pay a minimum tax of 25%. It’s about basic fairness.”
The tweet included a graphic of a Biden quote that said: “You know the average tax billionaires pay? Three percent. No billionaire should be paying a lower tax than somebody working as a schoolteacher or a firefighter.”
Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.
I think you ought to pay a minimum tax of 25%.
It’s about basic fairness. pic.twitter.com/oHgreYCdUz
— President Biden (@POTUS) March 18, 2023
“I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!” billionaire CEO Elon Musk replied. “I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.”
I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!
I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?
— Elon Musk (@elonmusk) March 18, 2023
“The top 1 percent of taxpayers (AGI of $548,336 and above) paid the highest income tax rate 25.99%
In all, the top 1 percent of taxpayers accounted for more than the bottom 90 percent combined. Top 1 percent of taxpayers paid $723 billion, bottom 90 percent paid $450
billion,” Mikey Adams tweeted.
The top 1 percent of taxpayers (AGI of $548,336 and above) paid the highest income tax rate 25.99%
In all, the top 1 percent of taxpayers accounted for more than the bottom 90 percent combined. Top 1 percent of taxpayers paid $723 billion, bottom 90 percent paid $450
billion.— Mikey Adams (@MikeyAdams420) March 19, 2023
“Pay your fair share” is patently false Democrat-nonsense. It’s provably wrong.
— Kyle Hunter, FRMetS (@KyleHunter) March 18, 2023
Mr President,
You’re NOT Telling the whole story 😆 😆
✔%55 of Americans made less than $75k/year and You increased taxes on them more than billionaires 😆 pic.twitter.com/Eb6isQRe5X— Naoufal Houjami 🇺🇸 (@ForTexasHoujami) March 18, 2023
I don’t believe a word Biden says and definitely not this absurd number of only 3% tax.
This is propoganda to make people angry to approve of the left’s terrible tax reforms!
— Adel (@AdeldMeyer) March 18, 2023
IN 60 SECONDS …
Debunking #TaxTheRich math AND narrative that it is going to save the day
Biden and his Democrats are lying to Americans and scapegoating the #wealthy to distract you from the truth
Watch and retweet pleasehttps://t.co/PdYVAhx9bg
— AGORACOM – George (@AGORACOM) March 18, 2023
The claim that billionaires pay only 3% taxes is highly deceptive. It’s based on counting unrealized capital gains as income–which they’re not. Look–we can have a debate about how much to tax people, but let’s keep the debate honest.
— Michael Isenberg (@TheMikeIsenberg) March 18, 2023
When are you planning to pay taxes on the CCP money Hunter laundered for you????
— David Giglio (@DavidGiglioCA) March 18, 2023
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Biden and his corrupt family know nothing about fairness!!!!
The babbling idiot is at it again. Totally clueless and completely ignorant. You and your corrupt family need to just shut up because you have succeeded in screwing up this entire country in 2 short years.
He’s lying and I would like to know did he pay taxes on the money he got from China?
Look Biden probably hasn’t a clue what this tweet means. We all know his idiot staff wrote this. That being said, it’s about time the wealthy start fighting back on this narrative that they don’t pay their fair share. I never understood why they didn’t speak up. It’s always been the “big lie.”
He’s a lying sh!t-stain and ALWAYS HAS BEEN.
This coming from a politician who owes $500,000 in back taxes to the country he allegedly is running.
If he’s being “fair”, why hasn’t he released his tax returns???
How does he claim the millions/billions he’s getting from China?
We should DEMAND to see Biden’s taxes!!
Nancy & Paul Pelosi’s taxes! Any Politician’s taxes!! Should be available to the public!!
Too many of them are becoming millionaires, when their salaries don’t correspond to them becoming millionaires!!