President Joe Biden has said there are hundreds, if not a thousand, billionaires paying lower federal tax rates than schoolteachers, police officers, firefighters and nurses. What his audience may not know is that his comparison relies on including wealthy families’ gains on unsold stock as income.
Q: Would raising the capital gains tax rate hit the middle class?
A: More than 80 percent of all capital gains income went to those making more than $200,000 a year in 2006. Very few making under $50,000 would be affected by any increase in the top capital gains rate.
Clinton and Obama both strained the facts at times during their debate in Philadelphia.
Clinton said "people died" in 1970s bombings by a radical group of which an Obama acquaintance was a member. In fact, the deaths were of three members of the Weather Underground itself, who died when their own bombs accidentally exploded.
Obama said, "I have never said that I don’t wear flag pins or refuse to wear flag pins." Actually,