Joe Biden emerged from his basement to promise to reverse President Trump’s tax cuts that stimulated the economy and put money back in the pockets of regular Americas.
According to Fox Business:
Presumptive Democratic nominee Joe Biden pledged during a call with potential campaign donors on Monday that his administration would reverse the bulk of President Trump‘s tax cuts, even though “a lot of you may not like that.”
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said, according to a pool report of the virtual fundraiser.
The former vice president vowed to raise the corporate tax rate from 21 percent to 28 percent, which he said is projected to raise $1.3 trillion over the next decade. The Trump administration permanently slashed the corporate tax rate from 35 percent to 21 percent with the passage of the 2017 Tax Cuts and Jobs Act.
He also floated the possibility of capping deductions — Trump substantially increased the size of the standard tax deduction in 2017 — and sanctioning companies for tax avoidance. Biden’s comments came after he was questioned by Vincent Mai, the founder and chairman of Cranemere, about how he would balance short-term needs in addressing the worst economic downturn since the Great Depression with long-term investments the nation needs to make — and how he would pay for it.
Biden stated that the tax cuts will harm the recovery of America from the virus shutdown.