IBM Vice Chair and former Trump economic advisor Gary Cohn slam-dunked Biden's claim, and he brought the receipts.

"If you actually look at who pays taxes in this country, the bottom 50% of earners in the United States pay 2.3% of tax collected, and the top 10% pays over 70% of tax collected in this country," Cohn said, adding that this is in large part thanks to how the Trump administration redid the tax code in 2017.

Cohn then identified a problem with Biden's talking point about billionaires, noting that a billionaire is a measure of net worth, not a description of one's taxable income. //

Cohn went on to clarify the difference between wealth and income:

"We do a very good job in this country of taxing income," he said. "There is no income in this country, unless you buy a tax-free bond, that doesn't get taxed at a minimum of 20%, whether it's interest or dividends or capital gains. So, there's no billionaire in this country that has income that is not paying at least 20%." //

a person may hold wealth - say, in the form of a family farm that has no paper on it but may be worth several million dollars - without seeing any income from the mere existence of that asset. Taxing a person on that basis would be ruinous for that person and for the economy. //

MCPR
4 hours ago
Republicans and economists have been “fact checking” the Democrats on this since LBJ, but it doesn’t do any good. When it comes to worldly wealth, everyone who has less than another is jealous. Thinking people can overcome this and use logic to decide on reasonable policies. The rest vote on emotion. Sounds good, doesn’t it? Robin Hood gonna give me all their money! Emotional people don’t see the world is filled with people who have less than they, and when Robin Hood comes around, it’s gonna be them that lose.
Keep “fact-checking” and keep losing. Reduce taxes and win.

We don’t have a revenue problem, we have a spending problem. Until the craven Republicans in Congress can get together and CUT spending (not rate-of-increase) we are going to lose to jealousy, every time. //

anon-201n
4 hours ago
Remember, Joe Biden is absolutely brilliant - was in the top of his law class - 76 out of 85 - so it must have been at the top of a page with 25 in a column! I would rank his financial acumen less than that of a 10 year old so that's the reason why the whole Biden family had to be involved in its (illegal) financial dealings, with 10% for the big guy.
Taxing assets is, at present, constitutionally illegal but raises all sorts of questions. If assets decrease in a year, are the tax levies given back (fat chance)? As Reagan said, we don't have a revenue problem but a spending problem. Until federal spending is addressed, pressures to increase taxes will persist.