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.
The IRS has proposed a voluntary program that employers could choose to use in order to manage the taxes owed on employees’ tips. The program would replace similar existing programs. But some partisan social media accounts have wrongly suggested that the program indicates either new taxes or increased enforcement. Neither is true.
The 2022 budget proposed by President Joe Biden would redistribute income, hitting high-income earners with tax increases and providing refundable tax credits to low- and middle-income Americans. Ads from the conservative Club for Growth targeting nine vulnerable Democrats and one centrist Republican in the House, however, distort the impact of the Biden plan on taxpayers.