Birdwatch Note Rating
2023-03-18 21:32:49 UTC - HELPFUL
Rated by Participant: 0971A1D34B5A97B53208234EF067550C3E6B6E402D376F83E63E9E938AFDB59C
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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