Birdwatch Note Rating
2023-03-19 21:33:18 UTC - HELPFUL
Rated by Participant: 37D579CCDF1C5BEFF632A98A0055000421384DA47A0E4F49D6FFB012C737C50C
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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