Birdwatch Note Rating
2023-03-19 00:06:38 UTC - HELPFUL
Rated by Participant: DEA22488E11B74E42B2143B7BDA989656BFDCEBA3E91569CC74BE16F525AA674
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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