Birdwatch Note Rating
2023-03-19 01:52:36 UTC - HELPFUL
Rated by Participant: 7A8BC480141685F564B4CA4483DD4B0AA1E062089FFA917ACB6953942686B27E
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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