New Twitter fact-checks Biden’s ‘let me give you the facts’ claim on corporations making billions

Evidently, it’s a new era at Twitter because the social media platform fact-checked President Joe Biden’s official presidential account after he told a whopper so big concerning corporations not paying taxes that even they had to call him out over it.

“Let me give you the facts. In 2020, 55 corporations made $40 billion. And they paid zero in federal taxes. My Inflation Reduction Act puts an end to this,” Biden stated, telling an egregious lie.

The tweet contains context added by users who pointed out that Biden’s Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $1 billion.

The Inflation Reduction Act was signed into law in August 2022 and it imposes a 15 percent minimum corporate tax for companies earning more than $1 billion per year.

Fourteen of the corporations that the president mentioned in his tweet had earnings that exceeded $1 billion and therefore would be eligible under Biden’s tax law. It should be noted that those large corporations were, in fact, paying taxes before the imposed mandate for taxation was implemented.

That same bill doled out $80 billion to the Internal Revenue Service over 10 years. More than half of those funds are meant to help the agency crack down on tax evasion by hiring 87,000 new agents and staff. Biden did not mention that little fact in his tweet where he railed against big business or the fact that most of those audited will be hard-working Americans.

Midterm elections are only a week out, so overblown political hyperbole is rampant. Biden leads the way in fibbing to help Democrats gain traction as they are widely expected to get hammered in the elections across the nation.

He either rants about “ultra-MAGA extremists” or brags about his own accomplishments in an effort to make Democrats look more competent. His efforts have had the exact opposite result.

Conservatives were thrilled that Biden no longer seems immune to fact-checking.

“Elon buys Twitter and now they’re fact checking liberals. Finally. I love it,” Army Ranger veteran and former US Senate candidate Sean Parnell (R-Pa.) tweeted in response to Biden’s false claim.

“Omg that fact checked Biden. It’s like we’ve stepped into an alternate universe,” another user named Brennon Chapman commented.

“Check out the fact check below. I’m already loving @elonmusk‘s new @Twitter!” Virginia Delegate Glenn Davis tweeted.

Others pointed out that Biden’s Inflation Reduction Act doesn’t actually reduce inflation.

This is far from the first time that Biden has been caught tweeting “misinformation.” The only difference now is that Elon Musk is “Chief Twit” on the platform and he is being publicly called out for it.

In May, the president posted that there were no COVID vaccines available when he took office. He told that fib with a straight face despite the fact that he had already been jabbed twice. It should be noted that Twitter fact-checked him on that too and, after heavy backlash, the White House admitted the statement was not true.

Twitter users chimed in on Biden’s claim concerning corporations and his subsequent fact-check:

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