We've fact-checked President Joe Biden previously for saying the “average tax” for billionaires is “about 3%,” which is “a lower tax than a schoolteacher or a firefighter.' These figures are wrong on several levels.
At the same time, ProPublica found that the actual tax rate these 25 billionaires paid under current law is 16%.Biden’s invocation of teachers and firefighters ignores that 43.6% of households, according to the Urban Institute-Brookings Institution Tax Policy Center, a Washington D.C.-based think tank.
Households with adjusted gross incomes from $50,000 to $100,000 paid an effective tax rate ranging from 5% to 15%,Some of those households even paid an effective overall rate below 5%, or paid nothing at all or got money back from the government. "Higher earners can borrow on their unrealized gains for consumption, and then avoid taxes at death when passing along those assets," said Garrett Watson, senior policy analyst with the Tax Foundation, a Washington D.C.-based think tank. This"" strategy allows the very richest Americans to avoid a large share of taxes they might otherwise have to pay.
The super-wealthy own many assets with fluctuating and sometimes difficult-to-determine values, and creating and verifying these values for them annually would be a burden both for the taxpayer and for the government. In addition the courts may view this as a"direct tax," which must be apportioned among the states according to their population; this might be impossible, since in some states, there may be no billionaires.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PolitiFact - President Joe Biden flip-flopped on allowing new oil and gas drilling on federal landsIn 2020, Biden said there would be “no more drilling on federal lands.” This month, his administration allowed a company to proceed with plans to drill up to 199 wells for oil and gas in Alaska. We rate this change in position a Full Flop.
Read more »
Bidens to host cast of Emmy-winning show 'Ted Lasso' to promote mental healthPresident Joe Biden and first lady Jill Biden will host the cast of the TV series 'Ted Lasso' at the White House on Monday to promote mental health and well-being.
Read more »
PolitiFact - Joe Biden says domestic violence calls prompt most police deaths; data lists likelier causesDomestic violence calls can be dangerous for police, but FBI data does not support Joe Biden’s claim that they’re the deadliest. From 2012 to 2021, more officers died responding to traffic violation stops and calls for wanted people.
Read more »
PolitiFact - Ask PolitiFact: Does the Chinese Communist Party own U.S. land?Chinese investors’ ramped-up purchases of U.S. land in the past decade are drawing concerns among U.S. politicians who s
Read more »
‘Ted Lasso’ Cast Will Visit the White House to Discuss Mental Health With Joe BidenA White House official said the Bidens have seen some of the show, and are versed on its “message of positivity, hope, kindness, and empathy.”
Read more »
President Biden: No 'Recreational Justification' for 100-Round MagsPresident Joe Biden renewed his push for a ban on 'high capacity' magazines by suggesting there is no 'recreational justification' for a 100-round magazine.
Read more »