President Biden recently made a bold claim on Twitter, suggesting that American billionaires pay an average tax rate of just 3%. However, this figure is not only unverified, but it also contradicts previous statements made by the White House.
Biden’s tweet came under fire when Elon Musk, CEO of Tesla, disputed the claim. Musk stated that he had paid 53% in taxes on his Tesla stock options, raising questions about the accuracy of Biden’s statistics.
The White House has previously issued figures that indicated an 8% average tax rate for billionaires, further adding to the confusion surrounding this contentious issue.
The debate over the taxation of billionaires is an important one, but it should be based on accurate information.
The conflicting figures presented by the White House only serve to muddy the waters and make it more difficult for the public to engage in informed discussions about tax fairness.