Thursday, March 30, 2023
HomeWorldElon Musk fact-checks Biden on tax declare — RT World Information

Elon Musk fact-checks Biden on tax declare — RT World Information

Twitter’s proprietor has shot down the US president’s assertion that billionaires pay solely 3% of their earnings to the federal government

America’s richest man on Saturday took difficulty with President Joe Biden’s effort to promote voters on tax will increase by claiming that billionaires get away with paying solely 3% of their earnings, on common, to the federal authorities.

Tesla CEO Elon Musk pushed again after Biden posted a Twitter message arguing that the mega-rich aren’t paying their justifiable share of taxes. “ the common tax billionaires pay?” Biden requested, earlier than answering the query himself together with his 3% declare. “No billionaire must be paying a decrease tax than any individual working as a schoolteacher or a firefighter.”

Musk replied, “I paid 53% taxes on my Tesla inventory choices (40% federal and 13% state), so I should be lifting the common! I additionally paid extra revenue tax than anybody ever within the historical past of Earth for 2021 and can try this once more in 2022.” He then invited Twitter customers within the platform’s Group Notes program to weigh in on whether or not the three% determine was correct.

Biden has repeatedly made the declare whereas selling his effort to boost taxes on high-income People. When he made the identical assertion in a speech final month, PolitiFact identified that it was false. “Underneath at present’s legal guidelines, the 25 highest-earning billionaires paid a median tax fee of 16%,” the fact-checking outlet mentioned. The group added that the majority academics and firefighters fall inside an revenue vary with efficient tax charges of zero to fifteen%.

Biden’s 2024 finances proposal requires elevating tax charges on people with earnings of greater than $400,000 a 12 months and married {couples} making over $450,000. He additionally has demanded a 25% minimal tax on People with fortunes exceeding $100 million.

“Look, I feel it’s best to have the ability to be a billionaire in case you can earn it, however simply pay your justifiable share,” Biden mentioned. “I feel you must pay a minimal tax of 25%. It’s about fundamental equity.”

Musk countered, “I definitely agree that everybody ought to pay taxes and never have interaction in elaborate tax-avoidance schemes.” Such schemes aren’t needed for low-income People as a result of greater than 40% of US households pay no federal revenue tax.



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