Democrat President Joe Biden was humiliated on Twitter again after he was caught posting false claims about the billionaire tax rate.
Biden’s handlers tweeted that billionaires should be paying their “fair” share.
The post then added false data to support the statement.
Biden claimed that the average billionaire pays a 3% tax.
Twitter CEO Elon Musk saw Biden’s claim and fired back.
Musk shared that he, in fact, paid 53 percent on his Tesla stock options.
He also correctly noted that he paid more income tax in 2021 than anyone in the “history of Earth”.
Biden tweeted:
“Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.
“I think you ought to pay a minimum tax of 25%.
“It’s about basic fairness.”
The post included an image that reads, “You know the average tax billionaire pay? Three percent.
“No billionaire should be paying lower tax than somebody working as a schoolteacher or a firefighter”
Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.
I think you ought to pay a minimum tax of 25%.
It’s about basic fairness. pic.twitter.com/oHgreYCdUz
— President Biden (@POTUS) March 18, 2023
Musk replied with some information disputing Biden and asking Community Notes to look into the 3% claim.
“I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!” Musk said.
“I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.
“@CommunityNotes, is the 3% number cited above accurate?”
I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!
I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?
— Elon Musk (@elonmusk) March 18, 2023
Community Notes also corrected Biden’s claims directly under his tweet:
Musk then added he believes everyone should pay taxes and not avoid paying them.
He also said he was “curious” as to how these other billionaires avoided paying taxes.
“I certainly agree that everyone should pay taxes and not engage in elaborate tax-avoidance schemes.
“Would be curious to hear how these other ‘billionaires’ are so good at avoiding taxes!
“We should get rid of GRATs, but maybe other things too.”
I certainly agree that everyone should pay taxes and not engage in elaborate tax-avoidance schemes.
Would be curious to hear how these other “billionaires” are so good at avoiding taxes!
We should get rid of GRATs, but maybe other things too.
— Elon Musk (@elonmusk) March 18, 2023
Biden wants to raise taxes on what he classifies as the wealthy.
However, his administration is targeting those who make more than $400,000 a year, a far cry from his example of a billionaire.
Musk himself at least it seems isn’t trying to avoid taxes and is curious how people are avoiding so much in taxes.
According to WRAL, The White House posted a fact sheet days before Biden originally made the claim in February.
The fact sheet claimed that the average tax rate for billionaires was 8% – more than double what Biden is now allgeging.
It seems that Biden is trying to use sound bites to push forward his agenda on tax reform.
He wants to increase the tax rate on those making over $400,000.
