The recent State of the Union speech by President Joe Biden was an absolute deluge of lies. The president’s erroneous claim regarding the taxes paid by billionaires is only one of many lies the fact-checking of the entire speech will need to address given the abundance of false information the president foisted on the American people. During the weekend, Gary Cohn, the vice chair of IBM and a former economic counselor to President Trump, refuted Joe Biden’s assertion and provided supporting documentation.
“Cohn made an appearance on CBS’s “Face the Nation” to refute Biden’s attempts to capitalize on the idea that the wealthiest enjoy more benefits than the “common guy.” Biden had suggested imposing a minimum tax of 25% on billionaires and asserted that billionaires pay a lower tax rate than teachers.
“When you really consider who pays taxes in this country, the top 10% of earners pay over 70% of all taxes collected, and the bottom 50% of earners pay 2.3% of all taxes collected,” Cohn stated. He attributed this to the Trump administration’s 2017 overhaul of the tax code.
“Cohn then pointed out a flaw in Biden’s talking point concerning billionaires, pointing out that the term “billionaire” refers to one’s net worth rather than their taxable income.”
That’s an issue in itself; the federal government cannot tax the wealth (as opposed to the income) of individual Americans, despite the left’s outcry of indignation. It is impossible, according to a lot of experts, at least not without changing the constitution.
Thus, once more, Joe Biden is ignorant of the subject, and once more, a private sector representative has had to correct him. The president’s habit of uttering lies so frequently makes it challenging to refute them.
Author: Scott Dowdy
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