Birdwatch Note Rating
2023-03-19 18:28:35 UTC - HELPFUL
Rated by Participant: D03F57A5297E0407BAA059C1059F3F6C52F7A414A8621CD9EFF87EF92F1E2050
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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