Analysis by Glenn Kessler: Fact-checking President Biden’s 2022 State of the Union address
by the left-leaning Institute on Taxation and Economic Policy. The group studied the corporate filings with the Securities and Exchange Commission of companies listed in the Fortune 500, zeroing in on companies that posted profits.In 2020, ITEP found, 55 profitable companies indicated that they paid no federal income tax even though they collectively earned almost $40.5 billion in pretax income.
But it is an imperfect measure. A company’s annual 10-K filing in March generally will only have estimated numbers, as the actual tax return generally is not filed until later in the year. Total tax numbers may be determined from looking at cash flow statements, but there is no guarantee that the calculations reflect the actual tax liability.
Moreover, it’s misleading for Biden to suggest that the bill would have an impact on current inflation, as he did by prefacing this line with this statement: “My plan to fight inflation will lower your costs and lower the deficit.”While certainly the largest package of infrastructure spending in decades, the infrastructure bill passed in 2021 would not qualify as the largest in U.S. history, according to a variety of analyses.
The New Deal between 1933 and 1937 spent outlays that averaged 1.36 percent of gross domestic product,
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