Birdwatch Note Rating
2023-03-17 00:42:53 UTC - HELPFUL
Rated by Participant: FBEC94AA8C076DA72F9FE459CC5DD5D053983754F03E003FD7E39EC1931C96E3
Participant Details
Original Note:
The 8% tax claim comes from a theoretical calculation that would include unrealized capital gains (increase in the value of unsold stocks) as income even though it isn't taxable under existing federal law. (Taxes now legally occur only when stocks are sold for profit.) https://www.cnn.com/2023/02/17/politics/biden-economy-facts-first/index.html https://www.politifact.com/factchecks/2022/jul/13/joe-biden/joe-bidens-dubious-math-federal-income-tax-burden/ https://www.whitehouse.gov/cea/written-materials/2021/09/23/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans/
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