Birdwatch Note Rating
2023-03-18 21:29:28 UTC - HELPFUL
Rated by Participant: EF7B593B1D98E9C918105860C2C9ABA45CE9C37747005494093B0F4DAFBB6C3B
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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