I see CNN has some Joe Wilson in them

Fact check: Biden falsely credits tax that took effect in 2023 for deficit reduction in 2021 and 2022

Washington
CNN
 —
President Joe Biden falsely said on Wednesday that his new corporate minimum tax is the reason the federal budget deficit declined in 2021 and 2022. In reality, that tax didn't even come into effect until the beginning of 2023.

Biden has repeatedly taken credit for reducing the deficit in 2021 and 2022 even though experts have said that the vast majority of this reduction occurred simply because emergency Covid-19 pandemic spending from 2020 expired as planned – and that Biden's own initiatives made the deficits higher than they otherwise would be.

We've described Biden's previous deficit boasts as misleading or missing key context. But he went further in his Wednesday speech in Las Vegas on lowering prescription drug costs, delivering a version of the story that is just not true.

Biden said: "And by the way, you know everybody said, well, how was I able to have these new programs and still cut the deficit $1.7 trillion the last two years? Well, it's pretty – pretty straightforward. There were 550 companies of the Fortune 500 that made $40 billion that didn't pay a penny in tax – zero, nothing – in taxes. So I said the – you know, outrageous. And we got votes for it. I said they ought to pay a minimum of 15%. Fifteen percent. That's less than you all pay. And guess what? It allowed me to cut the deficit."

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https://www.cnn.com/2023/03/16/politics/fact-check-biden-deficit-minimum-tax/index.html