Birdwatch Note Rating
2023-03-18 20:57:08 UTC - HELPFUL
Rated by Participant: F23D45456BBB68F97EB1E417EEF0BE540657108FCF3166CB424D9B110A612A5F
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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