See the '60 Minutes' interview that Trump cut short

Check Biden events in ’60 minutes’

Trump’s interview contained his characteristic barrier of dishonesty. However, it is worth noting that CNN checked the extended version of Trump’s interview, but was only able to check the version of Biden’s interview aired by CBS.

In the spirit of both candidates being accountable, here are some of the inaccuracies that Biden made in his conversation with Nora O’Donnell about the “60 minutes”.

When asked by O’Donnell about some of the institutional changes he is calling for, Biden cited his tax plan, which proposes using corporate tax revenue and levying a tax rate to fund initiatives. such as getting free college tuition. for families with incomes below $ 125,000.

Currently, the corporate tax rate is 21%, although many companies pay a lower rate due to deductions and gaps. Biden’s plan would raise it to 28% and require companies with pre-tax profits of $ 100 million or more to pay at least 15%.

“If we made every company pay at least 15% tax,” Biden said. “It raises more than $ 400 billion. I can send any qualified person to a four-year college in their state for $ 150 billion.”

First facts: At least two separate models estimate that the minimum corporate tax will increase by about half what Biden claimed.

The Penn Wharton budget model representations The corporate minimum tax will represent an increase of $ 227 billion in revenues from the basic base under the current law. And according to Analysis of the Tax Institution, the minimum 15% tax on a company’s revenue would generate $ 202.7 billion between 2021-2030.

The CBS show itself noted that the non-discriminatory Tax Policy Center and others had questioned whether Biden’s corporate minimum tax would raise as much money as Biden estimates. In a fact-finding mission, O’Donnell added, “After our interview, Mr. Biden’s staff told us he was wrong and that the cost of a free public college could be double what he said.”

Billionaires and the coronavirus

According to Biden, American billionaires “earn $ 700 billion” during the coronavirus crisis.

First facts: There is a basis for Biden’s claim, but it is outdated. A recent study estimates that the richest Americans have won over $ 800 billion during the pandemic.
In July, Americans for Tax Justice, a coalition of working groups and organizations supporting progressive tax reform, mentionted that the collective pandemic wealth of billionaires made more than $ 700 billion, according to Forbes data analysis. A September report from the Institute for Policy Studies, a progressive pool of thought, shown that the combined assets of the 643 richest Americans rose $ 845 billion between March 18 and September 15 monitoring the change in the net worth of American billionaires since March using the latest Forbes data.

This is not the first time the top 1% has benefited disproportionately, with many Americans suffering record losses.

Business Insider mentionted that after the housing crisis, “incomes below 99% increased by only 0.4%, but incomes at the top 1% increased by a staggering 31.4%” from 2009 to 2012.

Trade deficit with China under Obama vs. Trump

Biden claimed that the US trade deficit with China was bigger under the Trump administration than under the Obama administration, reiterating comments he made during the final presidential debate.

“We have a trade deficit that is bigger with China than when we were there,” he told O’Donnell.

First facts: This is fake. As of 2019, the US trade deficit with China is lower than at the end of 2016.

The deficit in trade in goods and services with China increased during the first two years of Trump’s presidency, but then fell to $ 308 billion in 2019 – the lowest since 2013, according to the Bureau of Economic Analysis.

It was $ 310 billion at the end of 2016, just before Trump was elected.

Underestimating the police

Biden said he “never, never supported the useless police.”

First facts: This needs a framework. It is true that Biden has explicitly stated his opposition to the abolition or defecation of the police many times. He has also proposed an investment in Community policing initiatives if elected. However, the Trump campaign had previously received comments from Biden over the summer out of context to claim that he supports the uselessness of the police.
In June, Biden he said It “makes sense” for some local communities to cut police funding in July as well agreed with progressive activist Ady Barkan that some money could be redirected but did not provide details. Both times these remarks were accompanied by Biden repeat his proposals and clarifying that he does not intend to make the whole police useless.

CNN’s Katie Lobosco contributed to this article.

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