Birdwatch Note Rating
2023-10-09 04:46:32 UTC - HELPFUL
Rated by Participant: F0E9EA8285587124929FC818F841FC5AFD42425ED9935F93357E7A71F33CD1C3
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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