Biden’s Tax Rate Comparison for Billionaires and Schoolteachers

President Joe Biden has said there are hundreds, if not a thousand, billionaires paying lower federal tax rates than schoolteachers, police officers, firefighters and nurses. What his audience may not know is that his comparison relies on including wealthy families’ gains on unsold stock as income.

Biden has made this comparison frequently in recent weeks.

The New York Stock Exchange during the opening bell on Aug. 23, 2016. Photo by Cindy Ord/Getty Images.

“But no billionaire should be paying a lower tax rate than a schoolteacher or a firefighter,” Biden said in...