This week, President Joe Biden 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 over 70 % of all federal income tax. In fact, according to the American Enterprise Institute, those in the highest quintile of income earners pay, on average, well over $50,000 per year in net taxes — taxes minus government benefits received — while those in the bottom 60% of income earners receive net tax benefits. According to The Washington Post, the top 10 % of American income earners pay nearly half of all income taxes, compared with just 27% for the top 10% of Swedes, 31% for the top 10% of Germans, and 28% for France’s top 10%.

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