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 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.
This is not the first time the top 1% has benefited disproportionately, with many Americans suffering record losses.
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.
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.”
CNN’s Katie Lobosco contributed to this article.