Birdwatch Note Rating
2023-03-19 07:22:50 UTC - HELPFUL
Rated by Participant: 2B6B4A5B61B42E1C873BBB4A1489AFC2EE6BF82B4452963BAF55FEFE5E57589F
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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