That's why I noted there are ways to skirt the federal income tax.
However, I mentioned there are other realms of taxation that billionaires do pay into, unrelated to federal income tax.
For instance, his property taxes across his various properties in Palm Beach Florida totaled up to $1.7 million in fiscal year 2022 according to county auditor records. (it was $1.5 million in 2021)
When Billionaire charters a jet, there's a 7.5% federal excise tax (and an additional 6.25% excise if you're taking other passengers on it)
When a Billionaire buys something, they still pay sales tax.
People need to be discerning with some of these "billionaires pay no taxes" claims.
(WaPo even fact checked Biden's claims on this)
Other fact checking outlets have busted him on similar claims as well
During a visit to a labor union in suburban Maryland, President Joe Biden made a pitch for more stringent taxes on billi
www.politifact.com
So, what is the actual tax burden under the current tax code for the wealthiest Americans? IRS data from 2019 shows that the top 1% of taxpayers paid an average federal income tax rate of 25.6%. A more elite group, the top 0.001% — which in 2019 meant people earning about $60 million or more a year — paid 22.9%.
While there are loopholes to reduce the federal tax burden, that billionaires have access to that we don't, there's a lot of things besides income that are taxed.