Birdwatch Note Rating
2023-03-19 03:42:42 UTC - HELPFUL
Rated by Participant: 1B261D04B3743E6AFE362007AEC4E1E499A1809623540E819A2F05C9BFD8288C
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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