Biden continues to claim that his economic policies have brought American great success, that he has gown the jobs sector, and that “Bidenomics” is a huge success. But any serious look at the number he uses and how they are calculated shows that he is simply lying out his rear end.
For instance, Biden claims that that billionaires only pay an 8.2 percent tax rate. But Issues & Insights noted that this claim is a flat-out lie.
In fact, Biden’s own IRS says he’s a liar by how it calculates that tax rate.
I&I noted that the IRS “calculates the actual tax rate that various income groups pay, including the ultra-rich. Its data show that the 400 people with the biggest incomes in America were paying an average tax rate of more than 23%. Congress’ Joint Committee on Taxation figures that the tax rate on the top 0.4% of families is 26%.”
So, no, it isn’ a tiny 8.2 percent.
So, how does Biden arrive at this 8.2 percent? By lying.He adds in the unrealized gains from investments to the income these billionaires make.
Why is this bad? Because it is unfair to claim that someone has directly benefited by something he does not actually have. If you buy a stock for $100 and it goes up to $200, you still don’t have that extra $100 in profit unless you sell the stock. So, “unrealized profit” is not profit until that money is taken. After all, that $200 stock could collapse to $50 some day.
The upshot is, you can’t count unrealized profits as part of someone’s income. And to claim they are enriched before actually selling that stock to actually take that profit is a lie.
But Biden is a liar, so, there you go.
Next, Biden also made a big deal about what a tax on the “wealth” of the rich would bring to the treasury.
“I proposed a minimum tax for billionaires of 25%— just 25%. You know what that would raise? That would raise $500 billion over the next 10 years,” he said.
Firstly, it wouldn’t be a drop in the bucket.
I&I points out how meaningless this is:
Sounds like a lot, doesn’t it? Except Biden is hoping nobody notices the caveat — that it’s $500 billion over 10 years. In other words, $50 billion a year.
Even that might sound like a lot … until you put it in context.
That $50 billion wouldn’t even cover one month’s worth of interest payments on the national debt, which was $69.2 billion in January.
It wouldn’t even pay half of the increase in the deficit in the first five months of this year compared with last year. (The deficit from October through February was $830 billion, which is up $108 billion from the same months the year before.)
The idea that an extra $50 billion could finance a new childcare entitlement, paid leave, and home care isn’t just ludicrous, it’s insane.
We don’t have a revenue problem.
We have a spending problem.
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