President Biden recently tweeted a questionable statistic about American billionaires, claiming that they pay an average tax of just 3%. This figure contradicts previous White House statements that indicated a higher average tax rate.
Elon Musk, CEO of Tesla, disputed Biden’s claim, noting that he paid 53% in taxes on his Tesla stock options.
Biden’s tweet contradicts previous White House statements on billionaire tax rates. The 3% figure is unclear and unverified.
Elon Musk disputes Biden’s claim, stating that he paid 53% in taxes on his Tesla stock options. Biden’s tweet calls for a minimum 25% tax rate for billionaires.
Confusion arises over whether unrealized gains should be included in the calculation of taxable income.
As a Republican supporter, it’s hard not to question Biden’s latest tweet.
The inconsistency in the data presented by the White House only adds to the confusion surrounding the tax rates of American billionaires.
Elon Musk’s response highlights the fact that not all billionaires are avoiding their fair share of taxes.
The administration should provide clear and accurate information on this issue, rather than making unverified claims that only serve to fuel skepticism and further divide the country.