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Is It the Fed's Fault?
Biden also wants to talk about the unfairness of tax code that allows a billionaire to pay lower rates than a teacher or fire fighter. Most people in the billionaire class don't make their money from a pay check. They make it from risking their finances in a business or an investment, where they could lose every single thing,. If they do, they pay a lower rate because we want em to do that. And so therefore, you pay a higher income tax rate.