Birdwatch Note Rating
2023-03-18 21:36:20 UTC - HELPFUL
Rated by Participant: C035D750AB8B340BF49F5276E70A2C3A8A302DFF0D6C9DA3A98A5C9AF54F1FBC
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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