March 1, 2022

CBS News: Fact check: Joe Biden’s State of the Union address

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President Biden: “Last year, 55 of the Fortune 500 companies earned $40 billion in profit and paid zero in federal taxes.”

Fact check: True.

This statistic comes from the Institute on Taxation and Economic Policy (ITEP), a liberal think tank. Across several different industries, the ITEP states there are at least 55 of the “largest corporations in America paid no federal corporate income taxes.” The organization says these 55 companies made more than $40.5 billion dollars in pre-tax incomes. This is a common reference point for President Biden when he advocates for top American corporations to “pay their fair share” of taxes. Read more



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