"A society grows great when old men plant trees whose shade they know they shall never sit in." --  Greek proverb

Bidgear ad

 

Joe’s shared some questionable content on Twitter —and was checked by the community.

According to a Fox News report, President Joe Biden shared a dubious “fact” on Twitter about how much America’s billionaires pay in taxes —and Twitter was having none of it.

“Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share,” Biden’s tweet read. “I think you ought to pay a minimum tax of 25%. It’s about basic fairness.”

On Saturday, President Biden's social media galaxy brains tweeted out a twice-corrected lie, quoting the president telling said lie, that billionaires are getting away paying just 3% of their average earnings in taxes.

"You know the average tax billionaires pay?

THREE PERCENT.

No billionaire should be paying a lower tax than somebody working as a schoolteacher or firefighter," reads the erroneous tweet.

 

 Russia has proposed suspending its double taxation agreements with what it calls “unfriendly countries” - those that have imposed sanctions on Moscow, the Finance Ministry said on Wednesday.

“The Russian Finance Ministry and Foreign Ministry proposed that the President of Russia issue a decree suspending double taxation agreements with all countries that introduced unilateral economic restrictive measures against Russia,” it said. (Reporting by Reuters)

Following the release of President Joe Biden’s budget proposal, House Budget Committee Chairman Rep. Jodey Arrington, R- Texas, is proposing a means for voters to have a say about rising debt and soaring inflation.

President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill.  

Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.”

Payments of $5 million to every eligible Black adult, the elimination of personal debt and tax burdens, guaranteed annual incomes of at least $97,000 for 250 years and homes in San Francisco for just $1 a family.

The Republican Senator from Louisiana, John Kennedy, stated on Sunday that President Joe Biden’s budget, which is around $7 trillion, took his “breath away” and should be in a “shredder” instead of burdening the American Taxpayers. 

Kennedy stated: 

“The president’s budget took my breath away.”

He added: 

Joe Biden just can’t stop lying about his policies that have crushed the American people.

How long has he been telling us that he only wants to go after the “rich” people with his phalanx of thousands of new IRS agents? A long time it seems. Anyone who knows Joe Biden knows what malarkey his claim truly is and we’ve pointed out some of the lies surrounding this claim in the past.

Treasury Department Secretary Janet Yellen acknowledged on Friday that 90 percent of IRS audits will be conducted on small businesses and families, not billionaires.

Testifying before the House Ways and Means Committee, Rep. Adrian Smith (R-NE) questioned Yellen on the ambiguity of her opening statement. Smith prefaced his question by noting the 87,000 new IRS agents hired at the agency over the next decade to conduct tax enforcement on Americans.

Tags

President Biden unveiled his proposed budget for fiscal year 2024 on Thursday, which in part took aim at billions of dollars of tax subsidies the White House said benefit the fossil fuel industry.