Birdwatch Note Rating
2023-03-19 06:41:34 UTC - HELPFUL
Rated by Participant: 5EE7BA1D7D97D5D5EEF1C7F1679888E6EE4B3D2EC750278AA2690C9679B3E65A
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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