(PatrioticPost.com)- Elon Musk, the wealthiest man on Earth, replied to a tweet from Joe Biden advocating for more taxes for billionaires by saying that 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.
According to President Joe Biden, the federal tax rates of hundreds of billionaires are lower than those of teachers, police officers, firemen, and nurses. His comparison, however, hinges on the fact that wealthy families count profits on unsold stock as income, which is information his listeners may not know.
Musk answered by saying that he paid more in taxes than anybody on Earth in 2021 ($11 billion) and would do so again for the 2022 fiscal year, including a staggering 53% in tax on Tesla stock options at the state and federal levels.
Musk has also requested confirmation of Biden’s 3% assertion.
The Tax Foundation later added a correction to Biden’s tweet, demonstrating that he is either completely wrong or deliberately lying in response to Musk’s comment.
Biden has used these “facts” often.
Such assertions have been made previously. As early as 2015, Sen. Bernie Sanders was drawing parallels between the tax rates paid by hedge fund managers and those of first responders, healthcare workers, and truck drivers.
Those who make their money via investments rather than salaries may have a lower effective federal tax rate than those in professions such as firefighting, law enforcement, and nursing because they pay less in federal income taxes and Social Security and Medicare payroll taxes. And it all depends on the situation.
Yet Biden is continuing to urge for a new tax on the rich (not simply “billionaires”), who he argues pay less of a proportion of their “income” — including unrealized profits — than schoolteachers, firemen, and others.
Polls show that taxes on billionaires are popular. That’s why Biden weaponizes it.