Birdwatch Note Rating
2023-03-18 21:22:32 UTC - HELPFUL
Rated by Participant: 4F3D1A8BB49511C7F57980A235C1135B843E4955E52DC189A46C5CB0C994EA14
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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