Joe Biden promised to raise taxes on Americans who make more than $400,000 a year if he is elected president.
During an interview that aired Sunday, the former vice president told ABC’s "World News Tonight" anchor David Muir about his plan to hike taxes.
“I will raise taxes for anybody making over $400,000,” Biden said. “Let me tell you why I'm going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share — corporations should pay a fair share.”
Biden said there are businesses that take in "close to a trillion dollars and pay no tax at all."
Muir asked Biden about increasing taxes on businesses amid the coronavirus pandemic.
“Is it smart to tax businesses while you're trying to recover?” Muir asked Biden.
"It’s smart to tax businesses that in fact are making excessive amounts of money and paying no taxes," Biden responded.
He noted that there would be no new taxes for small businesses or individuals who take home $400,000 or less a year.
“There will be no raising taxes” on the “90% of the businesses out there are mom and pop businesses — that employ less than 50 people,” Biden said.
“We have to provide them with the ability to reopen. We have to provide more help for them, not less help,” he added.
According to an analysis by the Tax Foundation, Biden’s proposed tax increase would raise tax revenue by $3.8 trillion over the next 10 years. In actuality, the report states that Biden’s plan would bring in about $3.2 trillion "when accounting for macroeconomic feedback effects."
President Donald Trump recently warned that a Biden presidency would result in the “biggest tax increase in history” during a Fox Business interview.
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