The president USA Joe Biden confused the timing of the entry into force of the law on the minimum corporate tax and said that it is the reason for the reduction of the federal budget deficit in 2021 and 2022, transmits CNN.
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According to journalists, this tax did not actually go into effect until early 2023. The TV channel convicted the head of state of boasting and lying about his achievements: Biden repeatedly proud of the reduction of the budget deficit in 2021 and 2022. At the same time, experts believe that the positive results are associated with a decrease in emergency spending on the COVID-19 pandemic, while Biden’s initiatives had a bad effect on public finances.
“While the minimum corporate tax of 15 percent signed by Biden into the Inflation Reduction Act in August 2022 is expected to reduce the deficit in 2023 and beyond, the tax did not come into effect until January 1, 2023,” the journalists stressed.
