Birdwatch Note Rating
2023-03-18 21:42:27 UTC - HELPFUL
Rated by Participant: 01D31779E612851CB2E9B2C590155B7507A8CAA4C09EDA0EF7CFD6F9B524F2D0
Participant Details
Original Note:
The 3% number Biden is referring to is based on a value increase of held investments (not on their income). However, these investments can also lose value which why they are taxed when sold and become income. Calculating on that, the avg tax rate for them is 25%, not 3. https://www.politifact.com/factchecks/2022/jul/13/joe-biden/joe-bidens-dubious-math-federal-income-tax-burden/
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