Birdwatch Note Rating
2023-10-09 10:48:56 UTC - HELPFUL
Rated by Participant: D36E7173AFA2566E2E4F4FF19E3A042147DDB6A32A723B377A88792C3693A413
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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