Birdwatch Note Rating
2023-03-19 19:58:46 UTC - SOMEWHAT_HELPFUL
Rated by Participant: 0B2FBA764C8F1BD12754E46BD33083EC924FAF23BDCBB9694AAF367E01F0E758
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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