Birdwatch Note Rating
2023-03-18 22:21:57 UTC - HELPFUL
Rated by Participant: 22B53C420FD1B5A8C96B4285712A4FC8AEE7B76B664C02DEC5707D6F23E395C6
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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