Birdwatch Note Rating
2023-10-08 23:50:50 UTC - HELPFUL
Rated by Participant: F2C20AF5EC4325C4557194291700061C7471740830B49B5F768BB04081657FCE
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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