Twitter Users Slam Biden for Claim About Billionaires and Taxes
Twitter users did not agree with President Joe Biden’s claim about billionaires paying their fair share in taxes. Over the weekend, Biden tweeted, “Look, I think you should be able to be a billionaire if you can earn…
Twitter users did not agree with President Joe Biden’s claim about billionaires paying their fair share in Taxes.
Over the weekend, Biden tweeted, “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%.”
He added, “It’s about basic fairness.”
The tweet also included a photo that stated, “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.”
Twitter CEO Elon Musk was among those who responded to the claim.
“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,” Musk wrote.
He continued, “I certainly agree that everyone should pay Taxes and not engage in elaborate tax-avoidance schemes. Would be curious to hear how these other ‘billionaires’ are so good at avoiding Taxes! We should get rid of GRATs, but maybe other things too.”
J.P. Morgan describes GRATs, or Grantor retained annuity trusts (GRATs), as a way to “serve as an efficient way to transfer wealth with little or no gift tax liability.”
Fox News’s Brian Kilmeade tweeted, “When in doubt raise Taxes and blame the most successful people in the nation!! seal the border.”
Political commentator Dan Bongino responded, “This corrupt, incompetent dipsh*t cannot stop lying. He’s so dumb that he’s actually arguing for a tax cut for top earners who ALREADY pay over 40% of the income Taxes in this country.”
President of Judicial Watch Tom Fitton wrote, “NEW: President Biden presents unconstitutional tax plan to tax ‘wealth.'”
Additionally, Twitter readers added context to Biden’s tweet.
“This is incorrect. Avg income tax rate in 2020 was 13.6%. Top 1% of taxpayers paid a 25.99% avg rate, more than eight times higher than the 3.1% avg rate paid by the bottom half of taxpayers. It increased from 20.1%/2019 to 22.2%/2020,” the context states.
The context linked to an article from the Tax Foundation’s summary of the latest federal income tax data.
Read more reactions from Twitter below:
Biden’s tweet also appears to contradict that of a recent tweet from the White House.
“In a typical year, billionaires pay an average tax rate of just 8%,” the tweet reads.