By John Carney – 7/1/2020
Joe Biden told Wall Street donors to his campaign that he planned to reverse most of President Donald Trump’s tax cuts.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said during a fundraising conference call, Fox Business Network reported. “And a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis.”
The former vice president said he would raise the corporate tax rate from 21 percent to 28 percent, which he estimated would raise taxes by $1.3 trillion over the next decade, FBN reported.
Biden said the tax cuts were “irresponsible, sugar-high tax cuts.” He claimed, without evidence, that cutting taxes made it “harder to foot the bill” for pandemic relief. In fact, interest rates have declined while government spending on pandemic relief programs has skyrocketed.
“We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together,” Biden said, according to CNBC. “But I think the country is ready.”
The event raised at least $2 million, CNBC reported.