Birdwatch Note Rating
2023-03-19 00:19:29 UTC - HELPFUL
Rated by Participant: FAFA13B7921C85C74EF67B94C5B27A592B2D9F820331F2180DA019F5F1E6D4A0
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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