Birdwatch Note Rating
2022-09-08 14:00:07 UTC - HELPFUL
Rated by Participant: C83D2471BF26FF9749D9FA884CB9A167D509D563EB9F76EF076736A5240F9890
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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