Biden Misleads on Top 1% Tax Rate
The top 1% of taxpayers, on average, pay a higher effective tax rate than middle-income people, contrary to a claim Joe Biden made on the campaign trail.
As a result of a low tax rate for capital gains earned by many wealthy Americans, Democratic presidential candidate Biden said in a speech at the Iowa State Fair that the top 1% pay “a lower tax rate than you do.”
: We’re in a situation where you have the top 1%, in fact, making — paying a lower tax rate than you do, because it’s mostly capital gains. … [M]ore than a teacher, a firefighter, a cop. It’s ridiculous. We should be rewarding work, not just
