… Biden also said he would raise the corporate tax rate to 28%...

 

 

 

Biden tells donors: I’m going to get rid of most of Trump’s tax cuts ‘and a lot of you may not like that’

 

·         Presumptive Democratic nominee Joe Biden told potential donors to his campaign that he would roll back most of President Donald Trump’s multitrillion-dollar tax cuts – even though “a lot of you may not like that.”

·         Biden’s warning to his backers came as the candidate laid out an ambitious suite of policy goals during a virtual campaign fundraiser.

·         “I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said, “and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped up basis.”

 

Kevin Breuninger, CNBC

Jun 29 2020

 

Presumptive Democratic nominee Joe Biden told potential donors to his campaign that his administration would end most of President Donald Trump’s multitrillion-dollar tax cuts – even though “a lot of you may not like that.”

 

Biden’s warning to his backers came as the candidate laid out an ambitious suite of policy goals during a virtual campaign fundraiser on Monday.

 

The event raised at least $2 million, CNBC reported.

 

Biden, who has been largely avoided in-person campaign events throughout the coronavirus pandemic, said the recovery from the health crisis could present an “opportunity” to strengthen the middle class and make sweeping investments in clean energy and infrastructure.

 

“Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill,” Biden said, according to a Wall Street Journal reporter’s press pool report about the event.

 

But even before the coronavirus crisis effectively froze the U.S. economy and sent unemployment skyrocketing, Trump’s “irresponsible sugar-high tax cuts had already pushed us into a trillion-dollar deficit,” Biden said.

 

“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden continued, “and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped up basis.”

 

Biden also said he would raise the corporate tax rate to 28%...

 

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https://www.cnbc.com/2020/06/29/biden-tells-donors-he-will-end-most-of-trumps-tax-cuts.html