Birdwatch Note Rating
2023-03-27 12:47:45 UTC - HELPFUL
Rated by Participant: C494A163FB0B0B6FFB678F5E944C5A2D53F781F0D6535A82C137C7BD8E440ED7
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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