Birdwatch Note Rating
2023-03-21 20:28:24 UTC - HELPFUL
Rated by Participant: 3EA8387FE7A14B71DCA6AE8B49C28AF6314E1D9CCBEEB0107EFCB854E1EF96A3
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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