Birdwatch Note Rating
2023-06-26 17:45:14 UTC - HELPFUL
Rated by Participant: 27D7969A6F314F46F0918C45DCB013FB61D708911C71DDA04F4F956A90780AB8
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/
All Note Details