President Joe Biden recently completed a three-day campaign tour in the pivotal swing state of Pennsylvania. His speeches, however, were riddled with inaccuracies and misleading statements on a variety of topics, including his annual income, his proposed cap on seniors’ prescription drug spending, China’s demographics, and his past visits to Iraq and Afghanistan.
Perhaps the most startling claim made by Biden was a story about his late uncle, Ambrose Finnegan, who he suggested was eaten by cannibals after his plane was shot down during World War II. This account starkly contrasts with the Defense Department’s official report of the plane crash.
Fact-Checking Biden’s Claims
Biden’s Earnings
During a speech in Scranton, Biden promised that under his proposals, no one earning less than $400,000 per year would pay more in taxes. He then stated, “I hope you’re all able to make $400,000. I never did.” However, this claim is false. Biden’s presidential salary is $400,000 per year, and the joint tax filings of President Biden and first lady Jill Biden showed income exceeding this amount in recent years. Furthermore, Biden earned millions in 2017 and 2018 from a lucrative book deal and paid speeches.
Biden’s Cap on Seniors’ Prescription Drug Spending
Biden claimed that under the Inflation Reduction Act he signed in 2022, seniors would never have to pay more than $2,000 a year for prescription drugs starting in 2024. This statement is incorrect in two ways. Firstly, the $2,000 cap takes effect in 2025, not 2024. Secondly, the cap is indexed to annual inflation in Part D costs, meaning it is likely to exceed $2,000 in future years. The cap also does not apply to out-of-pocket spending on Medicare Part B drugs.
China’s Demographics
Biden claimed that China has more retired people than working people. This statement is false. China reported having more than 740 million employed people at the end of 2023, while it also reported having just shy of 297 million people age 60 or above that year.
Biden’s Corporate Minimum Tax
Biden claimed that thanks to a law he wrote and signed, big corporations now have to pay a minimum of 15% tax. However, this claim is misleading. While the 15% corporate minimum tax will reduce the number of big corporations that don’t pay any federal taxes, it does not eliminate the possibility of some big and profitable corporations paying no federal income tax.
Billionaires and Taxes
Biden claimed that the average federal tax rate for a billionaire in America is 8.3%. This figure is misleading as it is based on an alternative calculation that includes unrealized capital gains, which are not treated as taxable income under federal law.
Biden and the Budget Deficit
Biden claimed to have cut the federal deficit by over $1 trillion. This claim is misleading as it omits the fact that the primary reason for the deficit reduction was the expiration of bipartisan emergency pandemic relief spending. Biden’s own actions, including laws he has signed and executive orders he has issued, have had the overall effect of worsening annual deficits, not reducing them.
Biden’s Visits to Iraq and Afghanistan
Biden claimed to have visited Iraq and Afghanistan 36 to 38 times as a senator and vice president. However, according to statistics released by Biden’s own 2020 presidential campaign, Biden visited these countries a total of 21 times.
Biden’s Uncle in World War II
Biden claimed that his uncle was shot down in New Guinea during World War II and was eaten by cannibals. This claim contradicts the official account provided by the Defense Department, which states that the plane crashed into the ocean off the north coast of New Guinea due to engine failure.