President Biden an AOC Team Up in Response to Her “Tax The Rich” Stunt at the Met Gala

IOWA, AMERICA - MAY 01, 2020: Vice President Joe Biden attends the McKinley Elementary School gymnasium in Des Moines, discussing issues including the recent escalation with Iran.

President Joe Biden and socialist Representative Alexandria Ocasio-Cortez appear to be teaming up with AOC’s “Tax The Rich” agenda.

Over the weekend, Ocasio-Cortez proved to be a total hypocrite as she wore a “Tax the Rich” dress at the Met Gala. Tickets to attend the Met Gala costed on average $30,000 and tables at the event were $275,000. The only people who could attend the event were the ultra-wealthy or elites with high up connections.

On Monday night, Biden tweeted a similar message.

“If you make less than $400,000 per year, I’ll never raise your taxes one penny. But if you’re at the very top, it’s time to pay your fair share. We need to reward work in this country — not just wealth.”

On Tuesday after the Gala, Biden doubled down. “Look, I don’t want to punish anyone’s success, but the wealthy have been getting a free ride at the expense of the middle class for too long.”

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On Tuesday, Biden tripped down: “It’s time the super-wealthy and big corporations pay their fair share in taxes.”

Just 23 minutes later, Ocasio-Cortez parroted Biden’s “Build Back Better” agenda.

“Couldn’t agree more. Taxing the rich will help us expand Medicare, extend childcare, take action on climate, and so much more. We have a precious opportunity right now in reconciliation with the Build Back Better Act, and we should use it.”

Biden followed up after AOC’s tweet, saying, “To be clear: If you make under 400k, my Build Back Better Agenda won’t raise your taxes a cent. Not only that — you’ll get a historic tax cut, and see lower costs on things like child care and health care. And all of it will be paid for by the wealthy paying their fair share.”

The Committee for a Responsible Federal Budget unleashed on President Biden and his Build Back Better plan in August:

The Build Back Better plan consists of two parts: the $550 billion bipartisan Infrastructure Investment and Jobs Act and a plan to use reconciliation instructions to enact $3.5 trillion of spending and tax breaks, mostly related to family benefits, health care, and climate change mitigation. Though policymakers claim both are paid for, a closer look suggests the offsets will fall short. The bipartisan infrastructure bill counts savings from policies that have already occurred, while the reconciliation plan is likely to claim excessive revenue from closing the tax gap and “long-term economic growth.”

The Utah Taxpayers Association noted:

The following graph from the national Tax Foundation, using IRS data shows how the top 5% of income earners pay an average income tax rate of 17.3% and the top 1% pay an average rate of 25.4%. It should be noted that this only accounts for federal income taxes. Once you pile state income tax on top of that the average rates jump much higher, especially in high tax states like California and New York, driving the wealthy to low or no income tax states like Texas and Florida.

Compare that 25.4% average tax rate to the bottom 50% of earners rate of just 3.4%. That is a massive difference. When it comes to the tax rates the wealthy pay, it is a fact that they pay far more than middle and lower income individuals. Their average rate is SEVEN TIMES higher than those in the bottom 50% of income. …

In the most recent year that complete data is available, 2018, the bottom 50% of income earners, those with AGI less than $43,614 (single), contributed just under 3% of the total taxes paid, or $45.1 billion dollars to be exact. The other 97% of the total taxes collected was paid by the top 50% of income earners.

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