(NewsGlobal.com)- Elon Musk replied to President Joe Biden’s tweet advocating for more taxes for billionaires by saying he had paid more taxes than anybody else in human history.
In a tweet, Biden urged the wealthy to pay their fair part and said that billionaires only pay 3% in taxes on average.
In response, Musk said that he paid more in taxes than anybody in 2021 than anyone else on Earth ($11 billion) and would have to do so again for 2022. That includes a staggering 53% in taxes on Tesla stock options.
Musk then asked Twitter users for verification of Biden’s 3% assertion.
As a result of Musk’s request, the Tax Foundation issued the following clarification to Biden’s tweet, demonstrating that he is either completely incorrect or deliberately dishonest.
The Tax Foundation stated that in 2020, the average tax rate was 13.6%. The top one percent of taxpayers had an average tax rate of 25.99%, more than 8 times the amount paid by the lowest half of taxpayers (3.1%).
Compared to 2019, it jumped from 20.1% to 22.2% the following year.
Biden repeated his 3% tax lie several times in February, as documented by FactCheck.org.
According to an investigation by FactCheck.org, Biden’s comments are based on an economic report from the White House that counts profits from unsold stock as revenue.
Considering this shift in wealth, the research concluded, using data from 2010 through 2018, that the average federal personal income tax burden for the 400 richest households was 8.2%.
A Tax Policy Center graph shows that, when considering solely income, the highest earners pay a greater effective tax rate than those in lower income brackets.
The top wage earners who bring in more than $ 4 million in increased cash income pay, on average, a rate of 25.1 percent in federal taxes.
It has been determined time and time again that this allegation is false, the tweet states. Unrealized capital gains (growth in the value of unloaded equities) are not considered income under current tax rules, but this method uses a theoretical computation that does. The sale of appreciated stocks triggers taxation.