Twitter’s owner has shot down the US president’s assertion that billionaires pay only 3% of their earnings to the government
America’s richest man on Saturday took issue with President Joe Biden’s effort to sell voters on tax increases by claiming that billionaires get away with paying only 3% of their earnings, on average, to the federal government.
Tesla CEO Elon Musk pushed back after Biden posted a Twitter message arguing that the mega-rich aren’t paying their fair share of taxes. “You know the average tax billionaires pay?” Biden asked, before answering the question himself with his 3% claim. “No billionaire should be paying a lower tax than somebody working as a schoolteacher or a firefighter.”
Musk replied, “I paid 53% taxes on my Tesla stock options (40% federal and 13% state), so I must be lifting the average! I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.”…
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