Fact-checking night 1 of the Democratic National Convention

During his speech, Biden asked the audience if they knew what the average billionaire in the United States pays in taxes.

“We have a thousand billionaires in America. You know what the average tax rate they pay? 8.2%,” Biden said.

Facts First: Biden used this figure in a way that was misleading. As in previous remarks, including his State of the Union address in March, Biden didn’t explain that the figure is the product of an alternative calculation, from economists in his own administration, that factors in unrealized capital gains that are not treated as taxable income under federal law.