Birdwatch Note Rating
2023-03-20 19:20:57 UTC - SOMEWHAT_HELPFUL
Rated by Participant: E64CEF408C71C78D20517A2C13E8B12489EDF23A5F3660130892A2CC154EA348
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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