Joe Biden Says He Will Raise Taxes for Anyone Making More Than $400,000

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August 24, 2020 Topic: Economics Region: Americas Blog Brand: 2020 Election Tags: Joe Biden2020TaxesIncome TaxAmericaDonald Trump

Joe Biden Says He Will Raise Taxes for Anyone Making More Than $400,000

But would those making below that number see their taxes remain steady?

 

Democratic presidential nominee Joe Biden and his running mate Senator Kamala Harris (D-California) appeared in their first joint interview, with the former vice president saying everyone should pay “their fair share” and that he will raise taxes on Americans who make more than $400,000 if elected in November.

“I will raise taxes for anybody making over $400,000,” Biden said in an interview with ABC’s anchor David Muir that aired Sunday. “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 also said businesses that bring in “close to a trillion dollars and pay no tax at all” will see a tax hike.

Tax proposals have growing importance for the upcoming election, as the coronavirus pandemic triggered an economic crisis, leaving more than thirty million Americans unemployed.

When Biden noted that he’d raise taxes on businesses, Muir questioned this policy, as most businesses have shuttered or struggled financially because of the impacts of the pandemic. 

“Is it smart to tax businesses while you’re trying to recover?” Muir asked.

“It’s smart to tax businesses that in fact are making excessive amounts of money and paying no taxes,” Biden responded.

Although Biden has towered in national polls over President Donald Trump, some polls have revealed greater favorability and confidence in Trump’s handling of the economy. The president has warned in the past that Biden’s tax policy would create the “biggest tax increase in history.”

In the interview, Biden emphasized that small businesses or individuals who make $400,000 per year or less won’t experience any new taxes.

“We have to provide them with the ability to reopen. We have to provide more help for them, not less help,” he said.

Biden’s tax policies would boost tax revenue by about $3.8 trillion over the next 10 years, according to an economic analysis conducted by the Tax Foundation. The Foundation noted, however, the spike in taxes would only bring in about $3.2 trillion in actuality “when accounting for macroeconomic feedback effects.”

Rachel Bucchino is a reporter at the National Interest. Her work has appeared in The Washington Post, U.S. News & World Report and The Hill.

Image: Reuters