January 26, 2024

Debunking Biden’s ‘Billionaire’ Tax Canard

The president has been telling lies again, and even The Washington Post’s lefty “fact-checker” is calling him on it.

The effort to pit one group of Americans against another was classic Joe Biden. Just like when he told a largely black audience in Virginia in 2012 that Mitt Romney was “gonna put y'all back in chains.”

Or when he told radio personality Charlamagne the God in 2020 that “you ain’t black” if you don’t vote for him.

Or when he told an almost exclusively black audience at Howard University last year that “white supremacy … is the single most dangerous terrorist threat in our homeland.”

But it’s not just race that Joe Biden uses to divide us; he also uses wealth.

“Look, folks,” he said earlier this month in his folksy way, “you know how many billionaires we have in America today? One thousand. You know what their average rate — tax rate — federal tax rate is? Federal tax rate is 8.5%. Raise your hand if you’d trade your tax rate for 8.5%. I’m serious. Think about this. There’d be $40 billion raised if they even pay 25%.”

Only trouble is, it’s not true. Even Glenn Kessler says it’s not true.

Kessler, The Washington Post’s hard-left “fact-checker” of record, decided he’d throw his dozens of readers for a loop by actually training his sights on a sitting Democrat president rather than some obscure Republican back-bencher. This is uncomfortable territory for Kessler, who’d much rather be rescuing virtuous Democrats from the scurrilous charges of shameless Republicans — such as the time when he heroically scrounged through Federal Aviation Administration records to determine that then-President Bill Clinton hadn’t in fact delayed any scheduled arrivals or departures when he decided, right there on the tarmac, that he just had to have a haircut. But we digress.

As for those easy-to-demonize tax-cheating billionaires, Kessler notes that Biden has routinely rolled out this canard of late — more than 30 times during the past year alone. “He said it in his last State of the Union address,” said Kessler, “and odds are he will say it again when he addresses Congress in March.”

Unfortunately for Scranton Joe, his claim is as full of holes as Kid Rock’s case of Bud Light. As Kessler writes:

If you check Treasury Department calculations for what the richest Americans already pay in taxes, you would see that the top 1 percent pay in excess of 20 percent in income taxes and more than 30 percent in all federal taxes. Even if you drill down to the top 400 wealthiest taxpayers … they paid an effective tax rate of 23.1 percent in 2014.

So where did Biden’s phony “8%” number come from? His dreams. Or, rather, from the dreams of a couple of White House economists, Greg Leiserson and Danny Yagan, who published a “what if” blog post that estimated the tax rate “for the 400 wealthiest households if unrealized capital gains were considered part of income.”

But they’re not. So it isn’t. And therefore he’s lying. Facts, it seems, are stubborn things. And if you’ve lost Glenn Kessler, you’ve lost low-information America.

In this case, though, it’s hard to blame Joe. Were we in his shoes — decrepit, deceitful, and desperate — we’d probably be lying about the superrich, too. After all, they’re an easy target. And there are far fewer of them than there are of, say, families with incomes over $400,000. (Recall that it was this larger group that Biden double-crossed a couple of years ago when he rammed through his woefully misnamed Inflation Reduction Act and thereby raised the taxes of millions of Americans making less than $400,000 per year.)

If you don’t think elections have consequences, you haven’t been paying attention to the profound differences between the Democrats’ tax policy and that of the Republicans.

Will Republicans extend the 2017 Trump tax cuts? Will Democrats stick it to the rich and to the corporations, as Joe Biden has vowed to do? As The Wall Street Journal reports, the answers to these two questions alone will account for $6 trillion in taxes.

Make no mistake: Taxes will be on the ballot in November.

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service to our uniformed service members and veterans, are proud to support and promote the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, both the Honoring the Sacrifice and Warrior Freedom Service Dogs aiding wounded veterans, the National Veterans Entrepreneurship Program, the Folds of Honor outreach, and Officer Christian Fellowship, the Air University Foundation, and Naval War College Foundation, and the Naval Aviation Museum Foundation. "Greater love has no one than this, to lay down one's life for his friends." (John 15:13)

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

Please join us in prayer for our nation — that righteous leaders would rise and prevail and we would be united as Americans. Pray also for the protection of our Military Patriots, Veterans, First Responders, and their families. Please lift up your Patriot team and our mission to support and defend our Republic's Founding Principle of Liberty, that the fires of freedom would be ignited in the hearts and minds of our countrymen.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2024 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.