Billionaires do not pay an average of 8.2% in federal taxes, as Biden claimed. The top 400 wealthiest American taxpayers actually pay an average federal income tax rate of about 23%, according to the most recent IRS data from 2014.
In comparison, the average income tax rate for all taxpayers in 2020 was 13.6%.
No, billionaires don’t pay average of 8.2% in federal taxes (msn.com)
Biden claims they pay 8.2% based on counting unrealized gains. Biden wants them to pay taxes on income they have not yet earned. This would be like paying income tax on the appreciation of your home even though you have not sold your home and have not pocketed any of the equity as cash.
