No billionaire should pay a lower federal tax rate than a teacher, a sanitation worker, or a nurse.
First, consider his claim that the tax rate paid by billionaires is 8.2%. That plays well with soak-the-rich leftists.
Not from the IRS. It calculates the actual tax rate that various income groups pay, including the ultra-rich.
Its data show that the 400 people with the biggest incomes in America were paying an average tax rate of more than 23%. Congress' Joint Committee on Taxation figures that the tax rate on the top 0.4% of families is 26%. So where does Biden come up with an 8.2% tax rate? He changes the definition of taxable income to include all unrealized gains from investments.
By artificially inflating income, Biden can make their tax burden seem tiny.
The idea of taxing unrealized gains - in other words, extending the income tax to things that aren't income - could very well be unconstitutional in addition to being economically reckless.
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https://issuesinsights.com/2024/03/11/bidens-criminally-fuzzy-tax-math/
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