Pay a Red Cent
Pay a Dollar
They Want More Dollars

In a town hall that was televised on October 21, 2021, Biden stated “Now, here’s the deal, though. You have 55 corporations, for example, in the United States of America, making over $40 billion, don’t pay a cent — not a single little red cent.”

That statement should be challenged. First how would Biden know that? Tax information is among the most zealously guarded secrets in the federal government. The president does not lawfully have access to income tax returns filed with the IRS. Where did the “making over $40 billion” come from?

Taxable income, as defined by Congress, more often than not it is different from financial income required to reported to the Securities and Exchange Commission (SEC). Congress also grants various credits for research, opportunity zones, green energy and more that reduces the amount a corporation pays. There is a timing difference when tax expense is reported on financial statement and when it is paid.

In June 2021, an organization called ProPublica claimed they “ProPublica has obtained a vast cache of IRS information showing how billionaires like …. pay little in income tax compared to their massive wealth — sometimes, even nothing”.  The data has not been shown to or confirmed by any third party.

This is either a completely false report, “think Steele Dossier” or a very serious federal felony. Either way it was widely reported by NPR, Washington Post, New York Times, You Tube, Twitter, Forbes, and many others within minutes of ProPublica going public.

The report mixes income and increase in wealth. If you buy a share of stock for $100 and it increases in value to $25,000. It is still a piece of paper until you sell it. Then you pay the tax on the income realized. The same with say Bezos. He owns a million shares worth $10 million, and it increase to $100,000 million. It increases his wealth, but it is still a piece of paper until he sells it. Then he pays the tax just like you. There are many more false and misleading statement in the ProPublica report.

The false revelations in Biden’s statement and the false reporting based on the ProPublica disclosures come at a crucial moment The obvious intent is to further the premise that the rich do not pay “their fair share”.

This gives the Dark Side in congress someone to demonize and justify more spending. Expect the additional tax generated to be a tiny portion of the spending.

Time to resist. Call your representatives. Vote out anyone who votes for the reckless spending.