President Biden got an instant fact check from Twitter on Friday after he posted his “let me give the facts” tweet.
In his tweet, which he claimed was giving his followers “the facts,” Biden asserted that 55 corporations made $40 billion in 2020 and “paid zero in federal taxes.”
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Fox Business reports: 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.
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.
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.
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.
