Birdwatch Note Rating
2022-09-07 18:58:48 UTC - HELPFUL
Rated by Participant: 33A702AB6A40E062D5808625235CB8E8403984E1A39E2C5A854EB2D94DF0B7A0
Participant Details
Original Note:
The middle class is not paying 3 times the tax rate on earned income as billionaires. Biden is referring to unearned income which comes in the form of unrealized capital gains. An unrealized gain is an increase in the value of an asset that an investor has not sold. https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-taxing-wealthy-americans/ https://www.irs.gov/pub/irs-pdf/p15t.pdf
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