Birdwatch Note Rating
2023-03-20 01:18:56 UTC - SOMEWHAT_HELPFUL
Rated by Participant: 5BA2D269A70D2C0AF46AD920C6A64139E697A16688A5C165A31F3772C2C3E73B
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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