Birdwatch Note Rating
2023-03-18 22:14:08 UTC - HELPFUL
Rated by Participant: 22B8D2538D186C242D2CF140AF40F512A2E60EDC20064EF6CAB369B27CFA60F9
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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