Dr. Evil is in the hoooooouse!
President Joe Biden delivered remarks at the National Museum of African American History and Culture on Friday, and let’s just say that math isn’t the president’s strong suit. Although, what is?
Biden got to the socialist portion of his speech when he brought up billionaires and how they should “pay their fair share.” FYI, if you ever hear that phrase, just know it’s a socialist mantra.
“We have a thousand billionaires in America, a thousand. I’m a capitalist. You can make all that money, fine. Just pay your fair share. Here’s the deal: You know what the federal tax rate is for a billionaire in America? 8.3 percent! If you just raised it to 25 percent, we raise 400 million billion dollars over the next ten years. That could pay for all of this, cut the deficit to do so much more. Just pay your fair share.”
“Million billion,” eh?
Wow! 8.3 percent, huh? I mean it’s no “10 percent for the big guy,” but that’s low.
If only that were true.
Related: Biden Repeats ‘9% Inflation’ Lie (or Forgets He Was Wrong the 1st Time)
According to fact-checking website Verify, “The 400 wealthiest American taxpayers actually pay an average federal income tax rate of around 23%.”
For those playing the home game, that means that half of those 400 rich people pay more than 23 percent. So where did Biden get his 8.3 percent statistic?
Well, the number he attempted to reference is actually 8.2 percent, but it stems from data made up by the White House that gives them that low number.
Also as reported by Verify:
When Biden mentions the billionaire tax rate, he’s referring to a White House estimate of taxes paid by the top 400 wealthiest American families that includes the increase in value of unsold stocks, or “unrealized” gains, in a person’s total income.[…]
The 2021 analysis from White House economists estimated that from 2010 to 2018, the 400 wealthiest families paid an average of 8.2% in federal taxes on their income using a formula that includes unrealized gains.
But that’s not the way the U.S. tax system currently works. These “unrealized” gains are “generally not considered taxable income,” experts with the Urban-Brookings Tax Policy Center say.
So, yeah. Biden must be keeping up his version of Catholicism where it’s acceptable to lie. Although, since the 8.2 percent stat is one made up by the White House using their own metric to artificially bring their desired manufactured rate down, I guess it’s not exactly lying — especially according to them.
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Prices are going up over 3x faster under Joe Biden.
— MRCTV (@mrctv) May 17, 2024
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