Teh One Who Knocks
10-31-2022, 10:05 AM
By Bradford Betz | FOXBusiness
https://i.imgur.com/UukZFlj.png
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."
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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.
https://i.imgur.com/pyEI56ql.jpg
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.
https://i.imgur.com/UukZFlj.png
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."
1586153339640766464
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.
https://i.imgur.com/pyEI56ql.jpg
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.