Birdwatch Note Rating
2023-10-24 21:11:53 UTC - HELPFUL
Rated by Participant: DAAB3E21D500EF3E7464FB8530F0580D79E042AB12127ED18659E298BB6F6BDC
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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