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.
This is not how income tax works, and it is straight up a lie to say this is an income tax rate for billionaires and portray it as an average tax rate of the "wealthiest" They then have the nerve to compare a fake wealth tax with the income that everyone else pays
This is intentional. The media has picked it up. They want you to believe billionaires only pay a 8% income tax rate, which is false. They want you to believe it so you give them permission to pass a wealth tax, which they will promise won’t be used on you, but eventually will.
This is what Google looks like for the query "what tax rate to millionaires pay", based on the misleading study and their lies:
@caroljsroth There's nothing eventual about it they're absolutely just going to text more the middle class, that's where all the money is. While the inflation tax has already removed half my wealth.
@caroljsroth Your being misleading looks intentional too. ““An important feature of our analysis that is less common in existing estimates of tax rates is that we include untaxed (“unrealized”) capital gains income in our more comprehensive income measure as they accrue” Unrealized gains!
@caroljsroth It is an intentional lie by the POTUS.
@caroljsroth @sarainitaly Yeah, just like AMT would never affect me. And property tax on cars in VA only kicked in after $40K, implemented when a nice cars was $20K.
@caroljsroth 🎯💯🎯 It would be applied to everyone eventually.
@caroljsroth It might not be used on you... but it'll definitely be used on your kids.