Birdwatch Note Rating
2023-03-18 21:35:20 UTC - HELPFUL
Rated by Participant: D9559FEF778CB9AB4294742B2FBD176F27AC2F19ADA76B3297A87E932A0AE876
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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