May 2, 2023
Biden’s Twitter account fact-checked for dubious claim about the taxes billionaires pay
On July 9th, 2021, President Joe Biden's Twitter account was fact-checked by the social media platform for a dubious claim about the taxes billionaires pay. The tweet in question read, The richest 1% of Americans evade an estimated $160 billion in taxes each year. 55 of the largest corporations in this country paid $0 in federal income taxes last year. It's time for them to pay their fair share.
Twitter flagged the tweet with a message that read, This claim is disputed. The platform cited a report from the Tax Policy Center, which found that the top 1% of earners pay an average federal tax rate of 26.8%, while the bottom 20% pay an average rate of 1.7%. The report also found that the top 1% pay a larger share of federal taxes than the bottom 90% combined.
Biden's tweet also referenced a report from the Institute on Taxation and Economic Policy, which found that 55 of the largest corporations in the United States paid $0 in federal income taxes in 2020. However, it's worth noting that many of these companies were able to do so legally by taking advantage of tax breaks and deductions.
The fact-checking of Biden's tweet highlights the ongoing debate over tax policy in the United States. Biden has proposed a number of tax reforms aimed at increasing revenue from the wealthiest Americans and corporations, including raising the top marginal income tax rate, increasing the corporate tax rate, and closing loopholes that allow companies to avoid paying taxes.
Critics of Biden's proposals argue that they would stifle economic growth and discourage investment, while supporters argue that they are necessary to address income inequality and fund important social programs.
Regardless of where one stands on the issue, it's clear that the debate over taxes will continue to be a contentious one in the United States. As the country grapples with the economic fallout from the COVID-19 pandemic, the question of who should pay for the recovery will be a key one for policymakers and the public alike.