President Joe Biden took an absurd seven-minute path on Friday to an all-too-familiar destination: Class War.
It was an âus versus themâ argument, the âbillionaires versus the plebsâ speech to justify his $ 3.5 trillion social spending plan.
Calling it “my economic plan,” he insisted, “every item is extremely popular” – although people “don’t know what’s in it”. In addition, the actual price is “zero” because the tax increases cover the cost. (And it doesn’t matter, as Deroy Murdock notes, that the real blow is north of $ 6 trillion.)
Then the zinger: âI’m sick of the runoff. Trillionaires and billionaires are doing very, very well. . . You all know it.
Hmm. First of all, the world so far does have any individual billionaire. And while billionaires of course do very well, they already pay a lot of taxes, just like simple millionaires.
Look at the income tax returns: the richest 1% earn just over one-fifth of all income, but pay two-fifths of all federal income taxes. The richest 10 percent cover almost half of all income earned, but pay more than 70 percent of all income taxes. The highest tax rates are 35 percent on income over $ 207,350; 37% on winnings over $ 518,400. And state and local taxes add to it all.
As David Harsanyi notes, âat one point, taxation should be considered theft.
Meanwhile, Americans earning less than $ 75,000 this year shouldn’t have to pay federal income tax after deductions and credits. In fact, over 61% of Americans owed no federal income tax for the year 2020.
Yes, Social Security and Medicare surcharges affect everyone, but these are retirement programs that benefit the poor far more than the rich.
In short, the “rich” pay for a huge chunk of America’s safety net. Biden intends to expand this to turn the nation into a European-style welfare state – but these are funded by heavy taxes on everyone, including VAT, which is in effect a sales tax and therefore hits low-income people harder. There is simply no other way to pay for âfreeâ government assistance from cradle to grave.
If Biden (a multimillionaire himself) truly believed that everyone would pay their “fair share,” he would spit out the $ 500,000 he owed in back taxes.