Birdwatch Note Rating
2023-10-09 03:27:56 UTC - SOMEWHAT_HELPFUL
Rated by Participant: 959A0BBE177F244B0630BD22848F612F2A9B39FEBEB7EBFBEEFE76CAEE61E77B
Participant Details
Original Note:
Biden is referring to an alternative minimum tax (AMT). An AMT requires people to include certain types of income that are exempt from the regular income tax and removes some exemptions and deductions. Even with a 25% tax rate, this could increase taxes for some billionaires. https://www.cbo.gov/publication/41810
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