The average billionaire in America pays 8% in federal taxes.
Teachers and firefighters pay more than that.
That’s why I proposed a minimum tax for billionaires. Republicans are against it, but I’m going to keep fighting for it.
— Joe Biden (@JoeBiden) June 26, 2023
Reading Joe Biden’s Twitter is exquisitely painful, like a sore tooth that you can’t stop pushing on with your tongue.
How do these things even go together? Americans are not taxed on their net worth, they’re taxed on their income. At least that’s what I think he’s talking about. Income tax. Although there are a lot of other federal taxes: self-employment tax, gift tax, excise taxes, etc.
Is he talking about taxing people’s net worth? I don’t know. I can’t figure it out.
I’m not a billionaire myself because I don’t know how to make that happen. If someone has figured out how to do it, good for them. They’re entitled to what they have.