Why is it that Americans are so uninformed about how much in taxes the wealthiest Americans pay? The reason is that the White House straight up lied about it and the media has been saturated with this lie. Let’s take a look (thread)...
Joe Biden has repeatedly claimed that the wealthiest pay only an 8% average tax rate, comparing it to working class tax rates. That seems insane, so I investigated.
I went to the White House site + looked at their “study” The study was not based on tax records or even income (which is what is tax rates are based on). The study said they included UNSOLD STOCK...
I was confused. What is income from unsold stock? Dividend rates don’t get you there, so what do they mean? What they are using is not INCOME at all, it is stock appreciation, NOT realized. This-again- is a made-up proxy of a wealth tax.
@caroljsroth INCOME from unsold stock it says…Dividends which are taxable and paid out quarterly. This so far does not suggests unrealized gains.