Birdwatch Note Rating
2023-03-19 18:47:12 UTC - HELPFUL
Rated by Participant: 791A2557404BB72486625563FB535C4D06CAE4400CF5E5C9297EFA8D6E3589C1
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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