• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Biden’s Twitter account fact-checked for dubious claim about the taxes billionaires pay
Economy

Biden’s Twitter account fact-checked for dubious claim about the taxes billionaires pay

by March 20, 2023
by March 20, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

President Biden’s Twitter account posted a questionable statistic on Saturday about how much tax Americans 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.’ 

But it is unclear where the 3% figure came from, and contradicts figures the White House has issued in the past. 

In February, White House issued a fact sheet called ‘The Biden Economic Plan Is Working,’ which calculated how much tax the U.S. could collect if it counted unrealized gains – a potential profit on an unsold asset – as income.

‘In a typical year, billionaires pay an average tax rate of just 8%,’ the fact sheet read. Factoring in unrealized gains is the reason for the lower statistic. 

‘Using the existing definition of taxable income, really rich people pay an average federal income tax rate in the mid-20s,’ Brookings Institution Tax Policy Center senior fellow Howard Gleckman told PolitiFact in July. ‘If you want to include unrealized gains in your denominator, as the White House does, the average rate would go way down.’

Another White House figure from 2021 gave an 8% figure rather than the 3% one Biden recently cited. 

‘The analysis from OMB and CEA economists estimates that the wealthiest 400 billionaire families in America paid an average of just 8.2 percent of their income – including income from their wealth that goes largely untaxed – in Federal individual income taxes between 2010 and 2018. That’s a lower rate than many ordinary Americans pay,’ the 2021 post read.

In response, Twitter CEO Elon Musk disputed Biden’s tax claim.

‘I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!’ the South African entrepreneur wrote. ‘I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.’

‘Would be curious to hear how these other ‘billionaires’ are so good at avoiding taxes!’ Musk added in another tweet, after asking Twitter’s Community Notes feature to fact-check the statement.

This post appeared first on FOX NEWS
You Might Also Like
  • Arkansas state treasurer hospitalized for second stroke this year
  • Lawmakers reflect on two-year anniversary of deadly Afghanistan bombing, pay respects to the 13 fallen heroes
  • IRS commissioner denies intervening to retaliate against whistleblowers connected to Hunter Biden complaint
  • Israeli tanks roll into central Rafah for first time in Gaza war
Share
0
FacebookTwitterPinterestWhatsapp

previous post
NY prosecutor eyeing Trump has faced repeated criticism for being soft on crime
next post
The Fed Needs to Act Soon; Stocks Slip Below Key Support

You may also like

Climate activists, Dems turn on Biden over likely Alaskan oil...

March 12, 2023

John Kerry to step down as Biden admin climate czar:...

January 14, 2024

Transportation chair to hold briefing on Ohio train disaster to...

February 17, 2023

Buttigieg ripped for ‘extraordinarily brazen’ slam on Trump that critics...

July 26, 2024

Davos 2025: Collaborative Solutions for a Divided World

January 24, 2025

Schumer, Jeffries react to Trump Georgia indictment: ‘No one, not...

August 15, 2023

Maine Democrat charged with defrauding election system resigns

February 17, 2023

Widow of ‘Goodfellas’ actor hopes politics wasn’t why he was...

March 16, 2023

Ohio eyes Amtrak expansion, seeks federal funding for research

February 9, 2023

Top Oversight Democrat slams GOP for keeping Hunter Biden hearing...

November 30, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    AOC endorses Biden running for re-election:...

    July 9, 2024

    Trump leads Biden on most of...

    June 4, 2024

    Trump’s legal wins seem to simplify...

    July 29, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here