Birdwatch Note Rating
2023-03-20 01:18:56 UTC - SOMEWHAT_HELPFUL
Rated by Participant: A25B470A10BC6C40B7D1ACD1CF570A9E6FE92AE3ACAD9AE13CC503BE5E58AB98
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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