According to Democratic presidential nominee Joe Biden, he will raise taxes on Americans who earn more than $400,000 a year if he wins the presidency in November.
Biden told ABC “World News Tonight” anchor David Muir that everybody should pay “their fair share.”
“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,” she also mentioned
ABC News explained that tax policy takes on “additional significance for the 2020 presidential election, with the economic crisis inextricably tied to the pandemic, and more than 30 million Americans currently on unemployment.”
When asked if it’s smart to tax businesses while you’re trying to recover, Biden answered, “It’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes.”
“It’s how we did it last time,” he said, referencing the 2008 recession. He added that his work at the time with Obama led to economic recovery, “with the largest, the most consecutive number of months of growth in jobs of any time in history. We did it the right way.”
Biden also said there will be no new taxes for small businesses or individuals who earn $400,000 or less.
In a recent interview with Fox Business, President Trump warned that a Biden presidency will cause the “biggest tax increase in history.”