Second 2020 Presidential Debate: on Tax Reform

Donald Trump: I am under-leveraged, despite $421 million in debt

TRUMP: I'm very underlevered. I have a very, very small percentage of debt compared. In fact, some of it, I did as favors to institutions that wanted to loan me money. $400 million compared to the assets that I have, all of these great properties all over the world, and frankly, The Bank of America building in San Francisco.

Q: Are you confirming that you do owe some $400 million?Q: Will you release your tax returns so we can see that?

TRUMP: It turned out that I am under audit. No person in their right mind would release, prior to working out the deal with the IRS.

Q: There is no law or rule that prohibits you from releasing your tax returns.

TRUMP: No, except common sense, and intelligence. I would love to release them, and as soon as we come to a conclusion, I will release them, and very gladly.

Joe Biden: End tax cuts for wealthy and corporations; not all tax cuts

BIDEN: About $1.3 trillion of the $2 trillion in his cuts went to the top one-tenth of 1%. That's what I'm talking about eliminating, not all the tax cuts. You have 91 out of the Fortune 500 companies not paying a single solitary penny. If you raise the corporate tax back to 28%, which is a fair tax, you'd raise one trillion, three hundred billion dollars. If you made sure that people making over $400 grand paid what they did [under] Bush, 39.6%, you would raise another $92 billion.

TRUMP: Our corporate taxes were the highest in the world, and now they're among the lower taxes. They're not the lowest, but they're among the lowest. That means jobs. If we get in, we're going to do the middle income tax package. If [Biden] comes along and raises rates, all those companies that are coming in, they will leave the U.S. so fast your head will spin. We can't let that happen.