Birdwatch Note Rating
2023-03-19 06:55:25 UTC - HELPFUL
Rated by Participant: 805F9F34687D613A3D71E97D4194B566685D2B71B24A5C404A89601A9C18ED6C
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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