Why is it so hard to tax billionaires? (Part 2)

974.915 - 998.818 PJ Vogt

So the radical part is the number that Biden just used. He said the billionaire tax rate is 8.2%. To be clear, the federal income tax rate for a billionaire is actually almost 40%. And Biden got a lot of pushback for saying 8.2. From The Wall Street Journal, The Washington Post, The New York Times fact checker accused him of bending the truth. But let me just explain to you how he got that number.