Birdwatch Note Rating
2023-03-19 06:33:57 UTC - HELPFUL
Rated by Participant: 4AE4959EA461C282FA4B18307438D32FFBD67DDF68FEC7D0D8A6C8F6F5B574A4
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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