Birdwatch Note Rating
2023-03-19 05:52:38 UTC - SOMEWHAT_HELPFUL
Rated by Participant: 6F0C5BE9D0468286AB31B3578179B0D28092CE29E8CF524B9161E9C40B912E37
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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