Democratic presidential nominee Joe Biden said free college for all would cost $150 billion. His campaign later clarified that the former Vice President misspoke, noting free college for all would cost nearly double that amount.
During a CBS “60 Minutes” interview, Biden claimed that he can raise $400 billion by ensuring every corporation pays a minimum tax of 15%, which could help provide free college for all.
“I can send every single qualified person to a four-year college in their state for $150 billion. I can make sure every single person who qualifies for community college can go and we still have a lotta money left over,” he said. (RELATED: Biden Rivals Trump With Tax Proposal To Encourage Domestic Investment)
However, CBS notes that after the 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.”
Under Biden’s plan, the corporate tax rate would be raised from 21% to 28% and he would impose a 21% country-by-country foreign minimum tax and a 15% minimum tax on companies’ global book income.
However, questions have been raised as to whether or not Biden’s tax plan would raise as much money as he estimates. The non-partisan Tax Policy Center (TPC) updated an analysis of Biden’s plans this month, noting that Biden’s plan would raise $2.4 trillion over the next decade. The TPC originally estimated Biden’s plan would raise $4 trillion.