Joe Biden promises he won't raise taxes for people earning under $400,000 if elected

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Joe Biden promises he won't raise taxes for people earning under $400,000 if elected
Associated Press
  • Former Vice President Biden said he wouldn't raise taxes on households earning less than $400,000 a year.
  • "Nobody making under $400,000 would have their taxes raised. Period, bingo," Biden said in an interview on CNBC.
  • Biden is seeking implement new taxes on wealthy individuals and corporations, including a rollback of the 2017 corporate tax cuts signed into law by President Trump.
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The presumptive Democratic presidential nominee Joe Biden promised on Friday that he wouldn't raise taxes on people earning $400,000 each year.

Asked about the speed he would implement proposals to raise taxes on the wealthy and large businesses, the former vice president said the mid

"Nobody making under $400,000 would have their taxes raised. Period, bingo," Biden said in an interview on CNBC. "Let's get people back to work."

Biden also slammed 2017 Republican tax cuts, which added around $2 trillion onto the federal debt. He said the lost revenue could have been used to help finance the federal government's response to the pandemic.

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"Imagine if we had that $2 trillion now as we go into, God willing, a recovery which is a long way away as I see it right now," he said.

Biden has proposed a slew of new tax hikes to cover new federal spending on healthcare, education, and infrastructure. His campaign estimates the plans would raise $3.4 trillion over a decade.

Elements of his policy menu include increasing the corporate tax rate to from 21% to 28%, a rollback of the Trump tax cuts.He's also seeking to tax capital gains and impose a new 12.4% payroll tax on high-earners and employers to shore up Social Security.

Biden's promise to restore echoes a past pledge by Barack Obama during his first presidential campaign in 2008 to not increase taxes for households earning under $250,000, limiting tax hikes except for the richest Americans.

Read more: John Fedro quit his job and got involved in real estate with barely any money. He breaks down his low-cost approach to mobile-home investing, which allows him to live comfortably on passive income.

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