Birdwatch Note Rating
2023-03-18 22:10:38 UTC - HELPFUL
Rated by Participant: 5A72DC5BB64F5383D450E76434B4793E95AD3A4F8FEFF89B5F062BCD47E33F0C
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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