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.
After President Joe Biden took a veiled swipe at him during the State of the Union address, Sen. Rick Scott released an ad labeling Biden a “tax cheat.” The White House defends the tax maneuver, one it says the IRS blessed, though some tax experts remain unconvinced.
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.
Few Republican lawmakers have publicly supported the FairTax Act, but that hasn’t stopped Democratic leaders from suggesting that the bill has wide support among congressional Republicans.
Voters are about to get a respite from the political attack-ad onslaught: Election Day is tomorrow. That means no more messages from Democrats attacking Republicans over abortion rights or the future of Medicare; no more Republicans blaming Democrats for inflation or crime. At least for a little while.
Like many Democrats, Wisconsin Lt. Gov. Mandela Barnes says he wants to cut “middle-class” taxes and make sure the wealthy “pay their fair share.” But an ad from his opponent, Sen. Ron Johnson, in the race for U.S. Senate falsely tells the state’s voters that Barnes wants to “double your income taxes.”
The Inflation Reduction Act proposes to raise over $700 billion in new revenues over 10 years to be spent on energy, climate change initiatives, health care and deficit reduction. But not all of those revenues come via higher taxes. More than half comes from health care savings and from beefed up IRS tax enforcement.
Both political parties are spinning the facts on whether the Democrats’ Inflation Reduction Act would raise taxes.
In a speech on inflation and the economy, President Joe Biden made some misleading claims and used political spin to criticize Republicans and promote his policies.
Here we review what we know about the ongoing conflict between the entertainment company and the Republican governor.