Please find below Prudent Money contributor and IRS expert Dan Pilla's latest article for the National Review.
President Biden delivered his State of the Union address on March 1. Among the laundry list of new and ongoing spending programs that he touted, the president renewed his call for higher taxes on the rich:
I’m not looking to punish anybody, but let’s make corporations and wealthy Americans start paying their fair share. . . . And that’s why I’ve proposed closing loopholes for the very wealthy who don’t pay — who pay a lower tax rate than a teacher and a firefighter.
That’s just about exactly what President Obama said in his 2012 State of the Union address, when he argued:
Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households. Right now, Warren Buffett pays a lower tax rate than his secretary.
These claims are made in so many different fora by so many leftist politicians that people no longer even challenge the merits of the statements. The media in general and the public at large merely accept the idea that our tax code is unfairly weighted in favor of high-income people to the point where the rich don’t pay while the load is carried by middle- and low-income citizens.
To read more, follow the link: https://www.nationalreview.com/2022/03/fact-checking-the-presidents-remarks-on-tax-policy/