Biden claims wealthiest 400 families in US pay income tax of 8.2%

Contributing sentiments towards policy:

59% : Meanwhile, the top rate of capital gains tax is currently 20 per cent, meaning the new proposal would see the amount taken from the most successful investors almost doubleBiden's proposal would see the top rate of tax raised to 39.6 per cent on both income - their salaries - and capital gains tax - profits on investments including stocks.
52% : However, the Tax Policy Center reported that the top one per cent's average tax rate is 27.44 per cent - more than triple what Biden has claimedBiden's proposal would see the top rate of tax raised to 39.6 per cent on both income - their salaries - and capital gains tax - profits on investments including stocks.
52% : Federal income tax sits at 37 per cent for those earning more than $518,401 a year for single filers.
50% : Biden himself joined in the chorus of disapproval as he sought to push his reforms last week, saying: 'How is it possible for millionaires and billionaires that can pay a lower rate of tax than teachers, firefighters or law enforcement officers?
48% : The analysis estimated that billionaires paid 8.2 per cent of their income to the federal government - a rate is lower than the income tax paid by most Americans, who are taxed in brackets depending on their income (pictured).
46% : If the proposal makes it through Congress, it will raise taxes on people and corporations making over $400,000 per year back to 39.6 per cent from the current 37 per cent.
42% : A spokesman said: 'While we have long known that billionaires don't pay enough in taxes, the lack of transparency in our tax system means that much less is known about the income tax rate that they do pay.'
39% : Last week, Biden tweeted: 'It's time the super-wealthy and big corporations pay their fair share in taxes.'
31% : Biden wrote in a tweet last week: 'It's time the super-wealthy and big corporations pay their fair share in taxes'
30% : President Biden has been blasted for claiming the wealthiest families in America pay an average of 8.2 per cent of income tax as he seeks to raise a levy that'll target their stocks and investments.

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