Is zero a ‘fair share’ of taxes?

Scott A. Hodge

President Biden declared during his recent speech to Congress that he doesn’t mind people becoming billionaires as long as they pay their fair share of taxes. The president has never been forced to put a number on what he means by “fair share” so we can assume he believes that the 40% of the income tax burden currently borne by the top 1%ent of taxpayers is not fair enough.

And while the president and other Democrats decry the “loopholes” that Congress has put into the tax code that purportedly allow the rich to avoid that 40% share, Biden’s tax plan would expand existing “middle-class” tax breaks, such as the Child Tax Credit, that have increasingly knocked millions of taxpayers off the income tax rolls over the past three decades.

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