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Zero Hedge
ZeroHedge
19 Mar 2023


NextImg:Musk Blasts Biden After Prez Lies Twice About '3% Billionaire Tax'

On Saturday, President Biden's social media galaxy brains tweeted out a twice-corrected lie, quoting the president telling said lie, that billionaires are getting away paying just 3% of their average earnings in taxes.

"You know the average tax billionaires pay?

THREE PERCENT.

No billionaire should be paying a lower tax than somebody working as a schoolteacher or firefighter," reads the erroneous tweet.

To which Musk replied: "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."

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As Ian Bremmer points out, "the 3% number isn't even close to true." 

Bremmer's tweet includes a screenshot from CNN, which fact check's the claim and notes that it's from a 2021 finding that found the 400 wealthiest billionaire families pay an average of 8.2% of their income in federal taxes.

In response so Biden's original claim that was fact checked, the White House published a corrected transcript.

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Politifact found that the 25 highest-earning billionaires are paying around 16% in federal taxes, while most teachers and firefighters pay between zero and 15%.