live-safe-2 Mobile Condensed Unit
live-safe-2 Desktop Condensed Unit
live-safe-2 Mobile Expanded Unit
live-safe-2 Desktop Expanded Unit
Politics

UH, THAT'S NOT EXACTLY TRUE, JOE: Twitter Checks POTUS on Bogus Billionaire Tax Claim

posted by Hannity Staff - 3.20.23

Joe’s shared some questionable content on Twitter —and was checked by the community.

According to a Fox News report, President Joe Biden shared a dubious “fact” on Twitter about how much America’s billionaires pay in taxes —and Twitter was having none of it.

“Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share,” Biden’s tweet read. “I think you ought to pay a minimum tax of 25%. It’s about basic fairness.”

Community notes flew in with this helpful gem: “This is incorrect. Avg income tax rate in 2020 was 13.6%. Top 1% of taxpayers paid a 25.99% avg rate, more than eight times higher than the 3.1% avg rate paid by the bottom half of taxpayers. It increased from 20.1%/2019 to 22.2%/2020”

Additionally, the world’s richest man and Twitter CEO himself, Elon Musk, weighed in on the claim, saying “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?”

Musk continued: “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.”

More over at Fox News:

Thank you for visiting Hannity.com. You are about to leave
Hannity.com and proceed to a site owned and operated by a third party.
Hannity.com has no control over the content of this third-party site.
Click OK to proceed.
OK
X
You may if you would no longer like to receive a newsletter.
You have been successfully unsubscribed!
Please see our Terms of Use and Privacy Notice .
If you have any questions or concerns please contact us.