Hey there, high schoolers! You may have seen Biden’s recent tweet about how American billionaires pay just 3% in taxes, and you’re probably wondering what the heck is going on.
Well, don’t worry, we’ve got you covered. First things first: Biden’s claim is not true. The White House’s own figures show that billionaires pay an average tax rate of 8%, not 3%.
And if we factor in unrealized gains, which is a potential profit on an unsold asset, the rate would go way down.
So why did Biden make this claim? We can only speculate, but it’s likely part of his socialist agenda to raise taxes on the rich. But don’t be fooled – this won’t benefit you or your future.
Instead, it will hinder economic growth and job opportunities for you and your peers.
In fact, Twitter CEO Elon Musk was quick to debunk Biden’s claim, stating that he paid 53% in taxes on his Tesla stock options and more income tax than anyone ever in the history of Earth for 2021.
It’s important to always question what you hear and do your own research.
Don’t let politicians manipulate you with false claims and promises. Stay informed, stay educated, and always fight for what’s best for your future.