Birdwatch Note Rating
2023-03-19 19:05:50 UTC - HELPFUL
Rated by Participant: D45BAEB55F2CBC5233447E5ED48623BED0CC82BDCB9E5C64007D4297742DC2EC
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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