Birdwatch Note Rating
2023-06-27 11:58:09 UTC - HELPFUL
Rated by Participant: 82E18B7597677964C602DA66C746381E1D398A982CD1F623DD7EAD87EE178743
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