As for billionaires paying lower tax rates than schoolteachers and firefighters, data from President Biden’s own Treasury refutes the idea.
President Biden said in his state of the union address, "We have to reward labor, not just wealth." Get behind my plan to impose a minimum tax on those earning above $1 billion... No one with a billion dollars should have to pay less in taxes than a public school educator or firefighter.
We shouldn't overtax the wealthy and working class as a way to reward them. To put it simply, wealth is the sum of a person's savings, which helps the economy and the working class by funding company investment. In contrast to popular belief, Jeff Bezos does not have $125 billion in gold bars under his mattress; rather, the vast majority of his fortune is invested in Amazon, providing livelihoods for well over a million people. Without such resources, productivity and earnings would fall. That's why, instead of being at odds, hard labor and financial success are united in their opposition to tyrannical rule.
As for billionaires paying lower tax rates than schoolteachers and firefighters, data from Biden’s own Treasury refutes the idea. Looking at the blue bars, schoolteachers and firefighters would generally pay only half the total tax rate of people at the top.
Background reading:
Wealth and growth
Taxes on wealth and capital
Billionaire tax
Biden’s fake 8% tax rate
High earners pay higher tax rates
CBO tax rates data
