Birdwatch Note Rating
2023-03-18 21:30:04 UTC - SOMEWHAT_HELPFUL
Rated by Participant: B9753C3AFE857F60EF3CC2F7A2BD3F2F58F2DBB829FFE842634D5CD2B06C8588
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/
All Note Details