Where Did Biden Get This Claim? Billionaires Pay an Average Federal Tax Rate of Only 8.2%?

[mikegriffith1]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

 

[Winston]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

America's billionaires pay an average income tax rate of just 8.2%, Biden administration says

Analysis showing billionaires have a lower income tax rate than ordinary Americans comes as administration makes the case for raising taxes on the richest people in the U.S.

www.cbsnews.com

 

[Donald H]

That accurately represents the 'effective' tax rate.

 

[Polishprince]

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

Its bullshit liberal "math".

A lot of billionaires have untaxed capital gains on the books, and libs want to count the rise in value in Amazon or Tesla as "income", even before Bezos or Musk sell the stock. Count those gains as "income" when they aren't defined as such by IRS.

 

[excalibur]

Most billionaires wealth is in stocks and real estate and other unrealized capital gains.

American Marxist, now the Democratic Party, have long had e wt dream of taxing unrealized gains.

Of course, if such a tax passed, it would apply to everyone, including the house you own and now worth more than what you paid for it.

 

[Donald H]

Most billionaires wealth is in stocks and real estate and other unrealized capital gains.

American Marxist, now the Democratic Party, have long had e wt dream of taxing unrealized gains.

Of course, if such a tax passed, it would apply to everyone, including the house you own and now worth more than what you paid for it.

You're lying and I think you could be smart enough to know it. No discussion is possible when you lie for political purposes.

 

[mikegriffith1]

America's billionaires pay an average income tax rate of just 8.2%, Biden administration says

Analysis showing billionaires have a lower income tax rate than ordinary Americans comes as administration makes the case for raising taxes on the richest people in the U.S.

www.cbsnews.com

Uh, the article merely reports that the Biden administration makes this claim. It provides no documentation. It notes that the claim is based on an analysis done by the Biden OMB and the Biden Council of Economic Advisors.

The article specifically mentions income from investments, which is capital gains income, which is taxed at rate of 15% or 20% unless it is below a very low threshold, far below what anyone would view as "rich."

So, I ask again, given the tax rates on capital gains income, and on income from savings and CD, how can billionaires pay an average federal tax rate of only 8.2%?

 

[Dadoalex]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

Accounting, as a profession, exists to save the extremely wealthy taxes.

Carried interest.
Deducting that $800K sports car as a business expense
Deducting those million dollar vacations as business expense...
That's why they pay those grossly inadequate tax rates.

Ever wonder why in a country where 85% of the people want to simplify the tax codes the codes never actually get simplified?

Because 1% of those 15% are the incredibly wealthy and the other 14% are accountants, tax attorneys and Senators/Congressmen.

 

[Donald H]

Uh, the article merely reports that the Biden administration makes this claim. It provides no documentation. It notes that the claim is based on an analysis done by the Biden OMB and the Biden Council of Economic Advisors.

The article specifically mentions income from investments, which is capital gains income, which is taxed at rate of 15% or 20% unless it is below a very low threshold, far below what anyone would view as "rich."

So, I ask again, given the tax rates on capital gains income, and on income from savings and CD, how can billionaires pay an average federal tax rate of only 8.2%?

You don't understand what 'effective' means and you're not about to try to find out. There's no point in trying to debate anything with you.

 

[Oddball]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

He read it off the prompter....He has NFI what is coming out of his mouth at any given point in time.

 

[Resnic]

Most billionaires wealth is in stocks and real estate and other unrealized capital gains.

American Marxist, now the Democratic Party, have long had e wt dream of taxing unrealized gains.

Of course, if such a tax passed, it would apply to everyone, including the house you own and now worth more than what you paid for it.

No, they talk about having wet dreams of it to improve their public standing with the common man. But in the end they won't ever do it because that would hurt them, their rich friends and their rich donors. To even think democrats would do anything to financially damage their rich donators and friends is laughable.

Trump said he uses the tax codes to his advantage and if they don't want him to they should change the tax laws. But they won't

 

[ColonelAngus]

Capital gains vesus income tax.

The Dems will never raise Capital Gains taxes. They have had the opportunity for decades.

Once again, they lie.

Nothing was stopping the Dems from raising Capital Gains to soak the rich.

THE DEMS DO NOT WANT HIGHER CAPITAL GAINS TAXES. THEY WANT YOU TO MAD THEY ARE LOW AND THEY BLAME PUBS. THEY HOPE YOU VOTE DEM.

 

[jotathought]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

Because billionaires don't usually get a paycheck that requires an income tax deduction ..

 

[Crepitus]

During his State of the Union speech, President Biden said that American billionaires pay an average federal tax rate of only 8.2%. I quote:

There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!

How can this be? Even if those billionaires earn no money from capital gains and just live off the interest on their money, either from regular savings accounts or from the various types of CDs, those earnings are taxed at the same rate as salaried income.

Any income earned from capital gains that exceeds $41K for individuals and $95K for households is taxed at a rate of 15%. If it exceeds $519K for individuals and $584K for households, it is taxed at a rate of 20%.

The majority of working Americans pay a federal income tax rate of no more than 12%, since they fall into the first and second tax brackets. Approximately 60 million Americans pay an average tax rate of only 1.5%, even before tax credits are applied (LINK).

Anyone have any idea where Biden got this claim that the average federal tax rate for billionaires is only 8.2%?

Wealthy people have many ways of dodging taxes that aren't available to regular folk. They can avoid capital gains by borrowing against investment values rather than realizing the gains and paying taxes on them, for instance.

 

[jotathought]

Accounting, as a profession, exists to save the extremely wealthy taxes.

Carried interest.
Deducting that $800K sports car as a business expense
Deducting those million dollar vacations as business expense...
That's why they pay those grossly inadequate tax rates.

Ever wonder why in a country where 85% of the people want to simplify the tax codes the codes never actually get simplified?

Because 1% of those 15% are the incredibly wealthy and the other 14% are accountants, tax attorneys and Senators/Congressmen.

Or maybe it's just because they don't earn an income .. they can live off interest or loans against their portfolio that is unrealized gains.

 

[Dadoalex]

Or maybe it's just because they don't earn an income .. they can live off interest or loans against their portfolio that is unrealized gains.

Interest income is still income.
Subject to taxation.

But deducting a $500M luxury yacht as a business expense requires an extremely wealthy owner and very expensive accountants and attorneys.

 

[BluesLegend]

Where Did Biden Get This Claim? Billionaires Pay an Average Federal Tax Rate of Only 8.2%​

From the Dem elections lie jar.

 

[LeroyDumonde]

Biden lied, as usual. The average effective tx rate is around 25% for billionaires.

 

[BluesLegend]

To cut through the Dems lies remember, the top 10% pay 71% of the taxes. That's one hell of a fair share.

 

[Weatherman2020]

That accurately represents the 'effective' tax rate.

So after years of Democratic Party control why no laws changed?