Sunday, December 4, 2022

The Tables Have Turned On Biden…

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( – President Biden shared a tweet on Friday, boasting about how his Inflation Reduction Act would put an end to big corporations paying “zero in federal taxes.” Twitter flagged the tweet and provided context to Joe’s claim.

“Let me give you the facts,” Biden or somebody running his social media account wrote. “In 2020, 55 corporations made $40 billion. And they paid zero in federal taxes.”

“My Inflation Reduction Act puts an end to this.”

Enter Twitter: “The Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $1 billion. Out of the 55 corporations the tweet references, only 14 had earnings greater than $1 billion and would be eligible under Biden’s tax law.”

Under a last-minute change to The Inflation Reduction Act urged by Sinema, companies controlled by private equity firms are not subject to the corporate minimum tax if they make less than $1 billion of book income, even if that investment firm’s combined portfolio of companies exceeds the threshold.

Some private equity firms may be able to shift assets among companies in their portfolios so that each earns less than the $1 billion threshold to avoid the minimum tax.

This certainly isn’t the first time that Biden is caught spreading misinformation.

He recently said, “Today, the most common price of gas in America is $3.39, down from over $5 when I took office.”

Both of these figures were false.

Biden oftentimes got away with tweeting information that was definitively false without any repercussions or ‘context’ added.

Does Twitter’s label for Biden signal a new era in which President Biden will be held to an equally high standard as his predecessor?

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