President Joe Biden reiterated support on Tuesday for a proposed new tax targeting billionaires, saying at an event in Virginia Beach that “I want to make it clear—I’m going to raise some taxes,” which some right-wing social media accounts seized on and shared without the context about billionaires.
President Joe Biden departs the White House on Tuesday in Washington. (Photo by Win McNamee/Getty … [+] Images)
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Key Facts
After remarking he was going to raise taxes, Biden signaled any tax hikes would only apply to the richest Americans, saying: “Many of you billionaires out there—you’re going to stop paying 3%.”
Biden voiced support for a new billionaire tax in his State of the Union address earlier this month, though he did not lay out specifics of a tax plan.
Numerous right-wing social media users and media outlets misleadingly cited the comments as evidence Biden is planning broad tax hikes, after RNC Research—a Twitter account affiliated with the Republican National Committee—shared a 4-second video clip that cut off Biden’s remarks about billionaires.
Key Background
Democrats have promoted a new tax on billionaires for years, but pushback from Republicans and centrists like Sen. Joe Manchin (D-W.Va.) has kept the idea from becoming law. Biden’s renewed push faces even longer odds than earlier efforts, since Republicans now have control of the House of Representatives and have expressed no interest in the tax. A White House plan last year called for a 20% minimum tax rate for those making more than $100 million a year.
Surprising Fact
A 2021 ProPublica report based off of leaked Internal Revenue Service records found some of the wealthiest Americans—including Elon Musk, Jeff Bezos and Michael Bloomberg—paid $0 in federal income taxes in recent years. Former President Donald Trump also did not pay any federal income taxes in 2020, according to IRS records released by the House Ways and Means Committee.
Contra
Biden has vowed throughout his presidency he will not support tax hikes on earners making less than $400,000 a year.
Big Number
735. Forbes estimates that’s the number of Americans that had net worths of at least $1 billion last year.
Biden Raises Eyebrows With Tax Hike Comment—But It’s Only Directed At Billionaires
Topline
President Joe Biden reiterated support on Tuesday for a proposed new tax targeting billionaires, saying at an event in Virginia Beach that “I want to make it clear—I’m going to raise some taxes,” which some right-wing social media accounts seized on and shared without the context about billionaires.
President Joe Biden departs the White House on Tuesday in Washington. (Photo by Win McNamee/Getty … [+] Images)
Key Facts
After remarking he was going to raise taxes, Biden signaled any tax hikes would only apply to the richest Americans, saying: “Many of you billionaires out there—you’re going to stop paying 3%.”
Biden voiced support for a new billionaire tax in his State of the Union address earlier this month, though he did not lay out specifics of a tax plan.
Numerous right-wing social media users and media outlets misleadingly cited the comments as evidence Biden is planning broad tax hikes, after RNC Research—a Twitter account affiliated with the Republican National Committee—shared a 4-second video clip that cut off Biden’s remarks about billionaires.
Key Background
Democrats have promoted a new tax on billionaires for years, but pushback from Republicans and centrists like Sen. Joe Manchin (D-W.Va.) has kept the idea from becoming law. Biden’s renewed push faces even longer odds than earlier efforts, since Republicans now have control of the House of Representatives and have expressed no interest in the tax. A White House plan last year called for a 20% minimum tax rate for those making more than $100 million a year.
Surprising Fact
A 2021 ProPublica report based off of leaked Internal Revenue Service records found some of the wealthiest Americans—including Elon Musk, Jeff Bezos and Michael Bloomberg—paid $0 in federal income taxes in recent years. Former President Donald Trump also did not pay any federal income taxes in 2020, according to IRS records released by the House Ways and Means Committee.
Contra
Biden has vowed throughout his presidency he will not support tax hikes on earners making less than $400,000 a year.
Big Number
735. Forbes estimates that’s the number of Americans that had net worths of at least $1 billion last year.
Further Reading
Biden Urges Congress To Pass New Billionaire Tax In State Of The Union—But It’s Destined To Fail (Forbes)
House Releases Trump’s Tax Returns—Here’s What We Know (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2023/02/28/im-gonna-raise-some-taxes-biden-raises-eyebrows-with-tax-hike-comment-but-its-only-directed-at-billionaires/