President Joe Biden this week attempted to inject life into his ailing presidency by dragging out of the closet the hoariest of political cliches: “fairness” in taxation.
Touting his new $3.5 trillion tax-and-spending bill, which would radically increase corporate taxes, personal income taxes, and so-called sin taxes, Biden stated, “It’s not enough just to build back. We have to build back better than before … . I’m not out to punish anyone. I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share. Pay your fair share, just like middle-class folks do.”
Of course, those who earn high incomes don’t pay like middle-class folks do. They pay far, far more. IRS statistics show that the top 1% of income earners pay more in federal income tax than the bottom 90% combined. While the top 1% earned 21% of all income in 2018, they paid 40% of all income-tax revenue. The top 10% paid more than 70% of all federal income tax.