Like Scott before him, Steve Hayward tonight uses deceptive charting to suggest that Elon Musk suffers more, from his tax bill, than does a firefighter or nurse.
Poppycock.
Once again — this is like shooting fish in a barrel.
Steve Hayward intentionally compares apples and… well, fish — in his complaints about taxes.
Steve claims that Mr. Biden is wrong to ask that billionaires pay a 25% annual INCOME tax rate.
He then goes on to cite Mr. Musk, as to capital gains rates — not income taxation rates — intentionally muddying the waters.
Musk himself then flat-out prevaricates — about how burdensome his taxes are.
The whole Musk/Johnson (faux outrage) argument centers around whether Mr. Musk feels more of a pinch, from paying about 40% in taxes, on his sales of stock option stock [pure found income, that] — or whether a teacher or firefighter paying about 13.5% of all the checks they take home… feels more pinched, by the 13.5% (average).
Note that for an average human, food, gas and housing will be over 60% of their annual cash spending. And so, nearly 14% taken from the remaining 40% leaves them only about 25% of what the stated annual salary was, for all other things — and nearly nothing to put away for retirement, after tuition for kids’ schools, etc. [That is… they’ve been diminished by a 75% tax rate, including their required spendings — just on essential goods, to stay alive.]
Meanwhile, Steve Hayward, Scott Johnson (and especially Elon Musk) never, ever have to think about how much eggs cost, for example — and they buy the best in housing, clothing and cars — not ever approaching a spend of 1% of their collected disposable income.
In sum, the tax of 14% on someone making about $60,000 a year — puts them in a much deeper hole than Mr. Musk, who started 2021 with a net worth of $374 BILLION. He can buy a few luxury goods (including rocket and solar companies — and a money losing social media behemoth, running it into the ground), and never even notice it, in his lifestyle.
So, Steve, Scott and Elon — sit down and shut up. [That is, Mr. Biden’s 3% figure is accurate — as to what even the most incompetent tax planning yields — as actual diminution of wealth from taxation, for the top one-one-hundredth of the nation, by net worth, and income.]
Pay a fairer share.
Out.
Powerline Lies... 