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:
Intentionally nefarious. Billionaires will find loopholes. The Biden administration hires more IRS agents and lowers reporting requirements to $600 (which they did in the American Rescue Plan for sites like Esty, Venmo, etc), not for billionaires, but to come after YOUR WEALTH.
It’s pure, engineered class warfare and intentional misinformation. They want a class war to pass a wealth tax. As Americans, what recourse do we have against these lies? That is why we must spread the truth.
@caroljsroth This is my standard response to "tax the rich", and "fair share" posts: x.com/DoYouHaveALens…
@caroljsroth This is my standard response to "tax the rich", and "fair share" posts: x.com/DoYouHaveALens…
@caroljsroth Your thread is creating a buzz! #TopUnroll threadreaderapp.com/thread/1772443… 🙏🏼@moosewing for 🥇unroll
@caroljsroth This why I oppose a balanced budget amendment. It wouldn't stop spending. It would just increase the methods of takings from the population in the form of wealth taxes, fines and fees.
@caroljsroth It isn't crazy to count unrealized capital gains as income. They increase your ability to buy things just like wages do. Also, many of them are *never* taxed, because the owner dies with them and bequeaths them tax-free to his heirs (tho if there's estate tax, they're taxed)
@caroljsroth While truth matters, anger and accusations only breed more division. Let's seek understanding through respectful discussion of the real issues, not personal attacks. Progress happens when we appeal to our shared hopes rather than fears.