Birdwatch Note Rating
2023-06-25 20:18:07 UTC - HELPFUL
Rated by Participant: C04C9AAF30724B2E9FC1A123C46A5F0BC74FACCBE31EB7FF21048A4FFF52C641
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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