Birdwatch Note Rating
2023-03-18 21:25:28 UTC - HELPFUL
Rated by Participant: D922B351372F20259FB3AE7971E12E257A4B0A653F1BEE003A176BF04E4EA8DD
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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