Birdwatch Note Rating
2023-03-18 20:59:44 UTC - HELPFUL
Rated by Participant: 88175C63AE768AC7E2AA8BB63764A368CCF5C8AB871E35BB609F5DB5F47E8742
Participant Details
Original Note:
The average effective federal tax rate for billionaires is 8.2%. Biden’s figure include unrealized gains on assets. Federal law does not classify unrealized gains as income and it is not taxed. It is likely that such a tax would be unconstitutional. https://www.whitehouse.gov/omb/briefing-room/2021/09/23/new-omb-cea-report-billionaires-pay-an-average-federal-individual-income-tax-rate-of-just-8-2/ https://www.aier.org/article/the-unconstitutional-tax-on-unrealized-capital-gains/amp/
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