Birdwatch Note Rating
2023-03-19 04:31:35 UTC - HELPFUL
Rated by Participant: 7D21620F557F5775C3D5CF08B33A55CC81AC06D6CD8F3BB9BE1875B8F8AF7842
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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