Birdwatch Note Rating
2023-03-19 03:16:25 UTC - HELPFUL
Rated by Participant: 4740F131B34BAADF54B98AE46EFB85B584987D325F3E5D17D45ECF443C3603EE
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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