Birdwatch Note Rating
2023-10-09 03:17:06 UTC - HELPFUL
Rated by Participant: D4C49370B455EA61B56909ED7DCF3552ECD971B9C89431A891474BD2F2EF1A14
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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