Birdwatch Note Rating
2023-03-19 11:29:16 UTC - NOT_HELPFUL
Rated by Participant: F713512AC9CC0E6E062ED11365C369D8C995257676E85A6C54A7084C5373F0B7
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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