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Biden Promises to Remove Trump Tax Cuts, Tells Rich “A lot of you may not like that”


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One of the great things President Trump did was pass the 2017 tax cuts.

He let more Americans, of all income levels, keep their own hard-earned money rather than fork it over to the government.

Well, you can rest assured that a Biden presidence would wipe all of that away!

Biden has not only promised to get rid of the Trump tax cuts, he’s also promised to raise taxes on millions of Americans.

Take a look at the reporting from Fox Business on Biden’s pledge:

Presumptive Democratic nominee Joe Biden pledged during a call with potential campaign donors on Monday that his administration would reverse the bulk of President Trump’s tax cuts, even though “a lot of you may not like that.”

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

The former vice president vowed to raise the corporate tax rate from 21 percent to 28 percent, which he said is projected to raise $1.3 trillion over the next decade. The Trump administration permanently slashed the corporate tax rate from 35 percent to 21 percent with the passage of the 2017 Tax Cuts and Jobs Act.

He also floated the possibility of capping deductions — Trump substantially increased the size of the standard tax deduction in 2017 — and sanctioning companies for tax avoidance. Biden’s comments came after he was questioned by Vincent Mai, the founder and chairman of Cranemere, about how he would balance short-term needs in addressing the worst economic downturn since the Great Depression with long-term investments the nation needs to make — and how he would pay for it.

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The recovery from the pandemic and subsequent shutdown could be used as an opportunity to build a “stronger, more inclusive middle class,” he said, in part by investing “record sums of money” in clean energy innovation and infrastructure.

But Biden lambasted Trump’s “irresponsible, sugar-high tax cuts,” accusing the president of making it “much harder to foot the bill” of the nation’s recovery.

Think Biden’s only going to soak the rich?

Think again!

Watch CNBC’s segment where they admit that Biden’s tax plan will raise taxes on middle class Americans:

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