President Joe Biden this weekend proved the truth to the old adage that there are “lies, damned lies, and statistics.” Biden is again arguing that the wealthy do not pay their fair share of taxes. However, on Saturday, he made this whopper of a claim: “You know the average tax billionaires pay? Three percent. No billionaire should be paying a lower tax than somebody working as a schoolteacher or a firefighter.” There is no indication where that figure came from, but prior low figures have been based on a highly dubious method of counting unrealized gains as income — a highly controversial proposal for a new massive tax increase.
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