This time around President Joe Biden was pandering to union members, calling himself the most pro-union president in history. So of course, he got into the issue of taxes. He spoke of taxes on billionaires, because as we learned with Bernie Sanders, it's kind of self-defeating for members of Congress to decry millionaires when so many of them are. So millionaires are OK now, but billionaires really have to step up.
Biden proved he could spell "eight" by claiming that billionaires pay only 8 percent in taxes. We just saw a chart showing that the top 1 percent of earners, who make as little as $540,000, pay 40 percent of all income taxes paid. Here it is:
Some horse-faced pony soldier in the audience wanted to know how much Biden pays in taxes.
Biden: "You know what percentage [billionaires] pay in taxes? Eight percent. E-I-G-H-T."— RNC Research (@RNCResearch) June 17, 2023
Audience member: "WHAT DO YOU PAY, JOE?" pic.twitter.com/flHDHFY8M7
Nobody pays taxes on bribery money. Biden is no different. Treason— Neeson™ (@baggy615) June 17, 2023
Zero on his illegal bribes— joesports (@joesports16) June 17, 2023
His bribes are not reported. Al Capone would like a word.— Hobson - Please Stop That (@chimera246) June 17, 2023
Joe pays zero percent taxes from the 10% for the Big Guy.— Romans10 (@Romans1061) June 17, 2023
Where does he file that $5 M from Ukraine? Oh, that's right..line 32 under other corrupt income.— Bob Lyons (@Bob_Lyons) June 17, 2023
The 8.2% he keeps throwing around is an estimate they came up with in a new way to determine wealthy tax rates that include unrealized capitol gains.— TK-421 🖖🏼 (@jgoodman9) June 17, 2023
That's why they always specify that, say, Jeff Bezos paid $0 in INCOME taxes since he didn't draw an income. That's why they want so badly to pass a wealth tax.
Did you know most billionaires aren’t making billions in income annually?— The Sun Dispatch News (@SunDispatch) June 17, 2023
They are talking about net worth when they speak of billionaires, not their salaries. Income tax is based on income. It's why Warren Buffet paid less taxes than his high priced secretary. She made more in salaries. Joe knows how to hide money with shell companies.— Steph (@Steph55255) June 17, 2023
Any politician that’s been in Washington more than 6 years IS RESPONSIBLE for the tax rate. Don’t blame people who use the loopholes you and your friends wrote into the law when YOU helped write and pass the bills to give them the tax breaks.— Gordon Muckenfuss (@gmuck) June 17, 2023
That's why "loopholes" is a pet peeve of ours. If there's a loophole in the tax code, it's because Congress put it there. Maybe it was a mistake, but people are only going to pay what they're legally obligated to pay.
The Democrats just want to confiscate all the money from all the billionaires so they can blow through it in just one fiscal year.