Birdwatch Note Rating
2023-03-19 02:21:02 UTC - HELPFUL
Rated by Participant: EE8F5ADA8D0452A76105E74D6882DD7C5E40EF027C0539CF4ACEE451678C1CD2
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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