“Think Biden’s tax plan will only ‘Tax the Rich?’” submitted to Morgan Hill Times on March 10, 2023, not published
Biden presented his tax increase plan today, incorrectly claiming it was all about taxing the rich. In fact, if you do the math, the tax on our 614 billionaires would raise about $12 billion or roughly two percent of the taxes. That assumes the billionaires are too stupid to get more tax shelters or move out of the country.
Treasury Secretary Yellen spouted the truth yesterday under oath before Congress, when one senator asked her what the new 87,000 IRS auditors would be used for; she said 90% would attack small businesses and the middle class. Economists have known this for quite a while, but good to get on the record. An irony here is that Joe Biden used S-Chapter loopholes to evade $500,000 of Medicare tax from book sales, speaking fees, and Hunter fees. He has not responded to reporters’ questions about whether he would pay it back.
Dr. C. Michael Hogan, Monterey