Twitter fact-checks Biden claim on corporations making billions
The Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $1 billion
Raising taxes on the rich hurts the poor the most: Art Laffer
Former Reagan economist Art Laffer breaks down the impact of taxing Americans on 'Kudlow.'
President Biden on Friday was fact-checked by Twitter for inflating the number of corporations that were making billions.
In a tweet, purporting to give his followers "the facts," the president asserted that 55 corporations made $40 billion in 2020 and "paid zero in federal taxes."
The tweet included context added by readers, noting that Biden’s Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $1 billion.
President Joe Biden speaks with members of the media after voting with his granddaughter Natalie Biden during early voting for the 2022 U.S. midterm elections at a polling station on Saturday, Oct. 29, 2022, in Wilmington, Del. (AP Photo/Manuel Balce Ceneta / AP Newsroom)
It noted that of the 55 corporations mentioned by President Biden, only 14 had earnings greater than $1 billion and would be eligible under Biden’s tax law.
IRS TO ADD 4,000 CUSTOMER SERVICE REPS TO PREP FOR 2023 TAX SEASON
President Biden signed the Inflation Reduction Act into law in August 2022. The law, a trimmed-down version of the president’s $1.75 trillion Build Back Better plan, was signed amid historically high levels of inflation.
Among its many provisions was incorporating a 15% minimum corporate tax for companies earning more than $1 billion per year.
CLICK HERE TO GET THE FOX BUSINESS APP
The bill also granted an $80 billion boost to the Internal Revenue Service (IRS) over a 10-year period, with more than half of the funds intended to help the agency crack down on tax evasion by hiring 87,000 new agents and staff.
FOX Business’ Brandon Gillespie contributed to this report.