Biden Tax Plan for the Wealthy and Corporations Making Excessive Profits

Aug 27, 2020 | Blog

Biden Says Only the Wealthy and Corporations with Excessive Profits Will Pay New Taxes

Joe Biden Tax Plan

Joe Biden, the Democratic presidential nominee, says he will raise taxes only for taxpayers earning more than $400,000 yearly. There will be no new taxes for anyone earning less than that. This way, he says, everyone will be taxed fairly.

When asked if it was smart to tax businesses trying to recover after the pandemic, Biden replied, “It’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes,” in an ABC interview on Sunday.

Based on Past Experience, Biden Defended His Tax Plan and Attacked Trump’s

Polls indicate that voters trust Donald Trump more than Joe Biden in handling an economy that has gone south due to the pandemic, and in which more than 30 million Americans are on unemployment benefits. Biden followed his statement by referring to the 2008 recession: “It’s how we did it last time,” he said of his plan. He added that under his and then-President Barack Obama’s leadership, the country recovered economically “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 vs Trump tax plan

Biden then attacked what Trump has done: “Look what he’s doing. The money was supposed to go to help small businesses. You have one in six small businesses that have already closed. You’re finding a situation that over 60% of the money … only 40% of money for small businesses went to small businesses.”


If Elected, Biden Won’t Tax Small Businesses, but Will Help Them Reopen

He added that if he’s elected president, “There will be no raising taxes” on the “90% of the businesses out there [that] are mom-and-pop businesses, that employ less than 50 people.” He said that “We have to provide them with the ability to reopen. We have to provide more help for them, not less help.”