Biden Says He Will Reverse Trump’s Tax Cuts

BRENDAN SMIALOWSKI/AFP via Getty Images

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.

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Pope Francis endorses wealth redistribution, calls for an end to tax cuts for the ‘richest people’

CAP

Pope Francis blasted the practice of tax cuts for the rich as part of a “structure of sin” and lamented the fact that “billions of dollars” end up in “tax haven accounts” instead of funding “healthcare and education.”

Speaking at the seminar set up by the Pontifical Academy for Social Sciences  the Pope criticized “the richest people” for receiving “repeated tax cuts” in the name of “investment and development.” These “tax haven accounts” impede “the possibility of the dignified and sustained development of all social agents,” claims the Pope.

He added that “the poor increase around us” as poverty is rising around the world. This poverty can be ended if the wealthiest gave more.

“The 50 richest people in the world have an equity equivalent to 2.2 billion dollars. Those fifty people alone could finance the medical care and education of every poor child in the world, whether through taxes, philanthropic initiatives or both. Those fifty people could save millions of lives every year,” the Pope said.

Though Pope Francis believes poverty is a major current issue, something he has spoken about before, he tried to remain hopeful by saying the world’s problems today are “solvable.”

“The main message of hope I want to share with you is precisely this: these are solvable problems, not ones from a lack of resources. There is no determinism that condemns us to universal inequity. Let me repeat: we are not condemned to universal inequity,” he said.

Though the Pope spoke of the dangers of “extreme poverty” in his economic speech, reports suggest that extreme poverty is falling every year around the globe.

Still, a higher tax rate for wealthier individuals is a popular idea with some parties in both the US and UK, and the gap between rich and poor is certainly widening. A recent Oxfam report indicated the richest one percent of the world’s population has twice as much wealth as the remaining 90 percent, or 6.9 billion people.

Joe Biden: Trump’s ‘God-Awful Tax Cut Has Not Helped Anybody Who’s Real’

By Charlie Spiering

Former Vice President Joe Biden continues to make false claims about President Donald Trump’s massive tax cut, saying Thursday it had not helped average Americans.

“The God awful tax cut has not helped anybody who’s real, anybody out there breaking their neck trying to figure out how to make the next meal,” Biden said at a fundraiser.

Since announcing his presidential campaign, Biden has continually attacked Trump’s tax cut.

“There’s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not,” he said during his April campaign launch in Pittsburgh. “All of it went to folks at the top and corporations.”

That statement earned a lecture (and a “Four Pinnochio” rating) from the Washington Post fact checker, calling Biden’s claim “simply wrong.”

According to the Tax Policy Center, 82 percent of income earners in the $50,000 – $75,000 income range were estimated to get a tax cut of nearly $1,000.

Recently, Biden tried modifying his speech by asking his campaign audience whether or not they felt that they had benefitted from the tax cut:

Shouts of “No!” from the partisan crowd usually follow as Biden continues to rant about Trump helping the wealthy.

On the campaign trail, Biden proposes a great deal of federal spending, which he says could be paid for by repealing the tax cuts.

“Guess what, first thing I’d do is going to repeal this Trump tax cut, oh not a joke,” he said in South Carolina on Saturday.

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