Birdwatch Note Rating
2023-03-18 22:11:46 UTC - HELPFUL
Rated by Participant: 5BF52FD2AD05D145D489785150E1F7AF248537DF31E8006A5F273A87350DF1F4
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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