Recently, President Biden’s Twitter account posted a questionable statistic regarding the average tax rate paid by American billionaires. The tweet included a graphic with the quote, “You know the average tax billionaires pay?
Three percent. No billionaire should be paying a lower tax than somebody working as a schoolteacher or a firefighter.”
This claim, however, contradicts previous statements made by the White House. In February, the White House released a fact sheet called “The Biden Economic Plan Is Working,” which indicated that billionaires pay an average tax rate of 8%.
The discrepancy between these figures has left many questioning the President’s credibility on this issue. Adding to the confusion, Twitter CEO Elon Musk weighed in on the matter, disputing Biden’s claim by stating that he paid 53% in taxes on his Tesla stock options.
Furthermore, Musk asserted that he paid more income tax than anyone in history in 2021, with plans to repeat this in 2022. It is essential for Republican voters to remain informed and hold our leaders accountable for their statements.
This incident highlights the importance of accurate and transparent communication from our elected officials, particularly when discussing critical topics like taxes and income inequality.