Democratic presidential nominee Joe Biden on Thursday night said he will be able to keep his pledge of not raising taxes on anyone making less than $400,000 a year while still repealing President Trump’s tax cuts.

A Republican voter asked Biden about this during an ABC News town hall in Philadelphia, and the former vice president said that out of those tax cuts, $1.3 trillion out of $2 trillion went to the country’s wealthiest — “the top 1/10th of one percent. That’s what I’m talking about eliminating, not all the tax cuts that are out there.”

Biden stated that if the corporate tax rate is raised back to 28 percent, “which is a fair tax, you’d raise $1,300,000,000 by that one act. If you made sure people making over $400,000 paid what they did in the Bush administration, 39.6 percent, you’d raise another … $92 billion.”

Moderator George Stephanopoulos asked Biden if the economy could handle these tax increases as it tries to recover from the devastation caused by the coronavirus pandemic. Biden responded that Moody’s conducted an analysis of his tax plan and found it would create 18.6 million jobs and raise the GDP by a trillion dollars, and he would …read more

Source:: The Week – Business


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