Birdwatch Note Rating
2023-03-19 03:16:25 UTC - HELPFUL
Rated by Participant: CEB49D61DC03A268332BD54512FFB66E95AB78A30C05AA984F5D5AA106340ACE
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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