In the spirit of holding both candidates accountable, here are some of the misstatements Biden made in his conversation with Norah O’Donnell of “60 Minutes.”
When asked by O’Donnell about some of the institutional changes he’s called for, Biden mentioned his tax plan, which proposes to use revenue from increasing taxes on corporations and enforcing the corporate tax rate to fund his initiatives, such as making college tuition-free for families with incomes below $125,000.
Currently the corporate tax rate is 21%, though many businesses pay a lower rate thanks to deductions and loopholes. Biden’s plan would raise it to 28% and require corporations with pre-tax profits of $100 million or more to at least pay 15%.
“If we just made every corporation pay minimum 15% tax,” Biden said. “That raises over $400 billion. I can send every single qualified person to a four-year college in their state for $150 billion.”
Facts First: At least two separate models estimate the corporate minimum tax would raise about half of what Biden claimed.
The CBS broadcast itself noted that the non-partisan Tax Policy Center and others had questioned whether Biden’s corporate minimum tax would raise as much money as Biden estimates. In a voice-over fact check, O’Donnell added, “After our interview, Mr. Biden’s staff told us he misspoke and that the cost of free public college could be twice as much as he said.”
Billionaires and the coronavirus
According to Biden, American billionaires are “making $700 billion” during the coronavirus crisis.
This is not the first time the top 1% has benefited disproportionately while many Americans are suffering record losses.
Trade deficit with China under Obama vs. Trump
Biden claimed that the US trade deficit with China is larger under the Trump administration than it was under the Obama administration, echoing comments he made during the final presidential debate.
“We have a trade deficit that’s larger with China than when we were there,” he told O’Donnell.
Facts First: This is false. As of 2019, the US trade deficit with China is lower than it was at the end of 2016.
It was $310 billion at the end of 2016, just before Trump was elected.
Defunding the police
Biden said he “never, ever supported defunding police.”
CNN’s Katie Lobosco contributed to this article.