Birdwatch Note Rating
2023-06-26 17:24:48 UTC - HELPFUL
Rated by Participant: 3F02C38822C1FFC8453A379567D89C1D95A59CC7B53419592C5A9CB57A110E13
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