Birdwatch Archive

Birdwatch Note

2024-10-07 23:18:05 UTC - MISINFORMED_OR_POTENTIALLY_MISLEADING

Harris is correct. The super wealthy derive much of their earnings from capital gains and investment, which are subject to low tax rates: https://www.brookings.edu/articles/the-difference-in-how-the-wealthy-make-money-and-pay-taxes/ https://www.vox.com/money/2024/3/13/24086102/billionaires-wealthy-tax-avoidance-loopholes/ E.g. Warren Buffet's total tax rate is 17.4%, while his assistant paid 35.8%: http://abcnews.go.com/blogs/business/2012/01/warren-buffett-and-his-secretary-talk-taxes E.g. Mitt Romney's rate is 18.8% before deductions: https://www.washingtonpost.com/politics/decision2012/romney-earned-nearly-14-million-in-2011-paid-141-percent-tax-rate-campaign-says/2012/09/21/e62e5096-0417-11e2-91e7-2962c74e7738_story.html

Written by 30CDECBB465F8707FF1828505520A6F029F7CA505B42BD81F065D5BC8671EDD7
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• classification - MISINFORMED_OR_POTENTIALLY_MISLEADING
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• summary
• Harris is correct. The super wealthy derive much of their earnings from capital gains and investment, which are subject to low tax rates: https://www.brookings.edu/articles/the-difference-in-how-the-wealthy-make-money-and-pay-taxes/ https://www.vox.com/money/2024/3/13/24086102/billionaires-wealthy-tax-avoidance-loopholes/ E.g. Warren Buffet's total tax rate is 17.4%, while his assistant paid 35.8%: http://abcnews.go.com/blogs/business/2012/01/warren-buffett-and-his-secretary-talk-taxes E.g. Mitt Romney's rate is 18.8% before deductions: https://www.washingtonpost.com/politics/decision2012/romney-earned-nearly-14-million-in-2011-paid-141-percent-tax-rate-campaign-says/2012/09/21/e62e5096-0417-11e2-91e7-2962c74e7738_story.html