Presidential Debate at CNN headquarters, Atlanta GA: on Tax Reform

Joe Biden: Taxing just 1,000 billionaires would raise $500 billion

TRUMP: Because the tax cuts spurred the greatest economy that we've ever seen just prior to COVID, and even after COVID.

Q: [To Biden]: So far, your administration has approved $4.3 trillion in new debt.

BIDEN: We have a thousand billionaires in America. And what's happening? They're in a situation where they, in fact, pay 8.2% in taxes. If they just paid 24% or 25%, either one of those numbers, they'd raise $500 billion dollars in a 10-year period. We'd be able to right wipe out his debt. We'd be able to help make sure that all those things we need to do--childcare, elder care, making sure that we continue to strengthen our healthcare system.