President Biden's Twitter account argued that billionaires in the U.S. only pay an average tax of 3% — a claim that invited disbelief from Twitter CEO Elon Musk.
posted a questionable statistic on Saturday about how much tax American billionaires pay.
But it is unclear where the 3% figure came from, and it contradicts figures the White House has issued in the past.In February, the White House issued a fact sheet called"The Biden Economic Plan Is Working," which calculated how much tax the U.S. could collect if it counted unrealized gains – a potential profit on an unsold asset – as income.
"Using the existing definition of taxable income, really rich people pay an average federal income tax rate in the mid-20s," Brookings Institution Tax Policy Center senior fellow Howard Gleckman told PolitiFact in July."If you want to include unrealized gains in your denominator, as the White House does, the average rate would go way down."
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