Birdwatch Note Rating
2023-10-09 14:23:38 UTC - HELPFUL
Rated by Participant: F6D54D657013DCF3B44F72B80DD2CB88AF368DC8ACDDD4F533B1A0F10E3F8E3C
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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