Biden’s Criminally Fuzzy Tax Math
I & I Editorial Board
March 11, 2024
At one point during his State of the Union speech, President Joe Biden ranted about how billionaires don’t pay enough in taxes and asked the public to envision all the great things that we could do if the super-rich “paid their fair share.”
In doing so, he took lying with statistics to a new, otherworldly level.
Here’s what Biden said:
THE PRESIDENT: You know, there are 1,000 billionaires in America. You know what the average federal tax is for those billionaires?
AUDIENCE MEMBER: Zero!
THE PRESIDENT: No.
They’re making great sacrifices — 8.2%.
AUDIENCE: Booo —
THE PRESIDENT: That’s far less than the vast majority of Americans pay.
No billionaire should pay a lower federal tax rate than a teacher, a sanitation worker, or a nurse.
I proposed a minimum tax for billionaires of 25%— just 25%. You know what that would raise? That would raise $500 billion over the next 10 years.
And imagine what that could do for America. Imagine a future with affordable childcare, millions of families can get what they need to go to work to help grow the economy.
Imagine a future with paid leave, because no one should have to choose between working and taking care of their sick family member.
Imagine — imagine a future with home care and eldercare, and people living with disabilities so they can stay in their homes and family caregivers can finally get the pay they deserve.
All Biden has is imagination — and no facts to back it up — when it comes to this issue.
First, consider his claim that the tax rate paid by billionaires is 8.2%. That plays well with soak-the-rich leftists. But where did he get this number?
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