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

He thinks you should be able to be a billionaire. Well, isn’t that nice? He’s going to let you. //

Twitter Community Notes wasn’t going to let that Biden false statement go by.

“This is incorrect,” the note said. Citing the Tax Foundation, they explained, “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.”

Translation? It’s the reverse of what Biden is claiming, it’s the bottom half paying that 3 percent number. //

Elon Musk
@elonmusk
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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?
4:46 PM · Mar 18, 2023