Birdwatch Note Rating
2022-09-07 18:11:26 UTC - HELPFUL
Rated by Participant: ADD6D84E1F57E6163E655F2B417E4696E606ADB54DD1EDE679CED0D4F3222ABD
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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