Independent Institute Senior Fellow Phillip W. Magness sets the record straight on how much the wealthiest Americans pay in income tax. Misinformation by President Biden and his economic advisors have tried to vilify wealthy Americans as tax-evaders. Magness’ research shows tax rates are not what President Biden claimed in his recent State of the Union address. Magness also discusses the bipartisan federal spending and how the national debt will affect everyone if spending isn't cut.