Birdwatch Note Rating
2023-06-26 22:21:16 UTC - HELPFUL
Rated by Participant: 04243FCEE3704BBA1846E5009F2BA03EE36A98C381FDA424FCB38AB8C1B242BE
Participant Details
Original Note:
The 8% figure cited by Biden is based on a non-standard income calculation that includes unrealized capital gains (increase in the value of unsold assets). Unrealized asset appreciation is not taxable under existing federal law, but is taxable when sold for profit. https://www.cnn.com/2023/02/17/politics/biden-economy-facts-first/index.html https://www.politifact.com/factchecks/2022/jul/13/joe-biden/joe-bidens-dubious-math-federal-income-tax-burden/ https://www.whitehouse.gov/cea/written-materials/2021/09/23/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans/
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