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

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...