(PatrioticPost.com)- Presumptive Democratic presidential candidate Joe Biden confirmed this week that should he win the presidential election in November, he will immediately set about reversing the tax cuts implemented by Donald Trump. Speaking told Wall Street donors who fund his campaign that he will get rid of the $2 trillion tax cut put in place by Donald Trump which allowed businesses all over the United States pay their employees more and issue substantial bonuses.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts,” Biden said to his donors in a fundraising call, according to Fox Business Network. “And a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis.”
If his donors were reluctant already, they’ll be even more reluctant now. For years now, Democrats have repeatedly claimed that President Trump’s tax cuts help big business more than workers. However, they also failed to recognize that the tax cuts immediately increased the amount of money in workers’ pockets and dramatically reduced unemployment.
During this COVID economy, you might have thought a presidential candidate would be proposing tax cuts precisely to help people back into work…
Former Vice President Joe Biden said he would increase corporate tax in the United States from the current 21% to 28%, which he said would increase tax revenue by $1.3 trillion over the next ten years.
NEW: I’m told a Biden virtual fundraiser co-hosted by Jane Hartley, Blair Effron, Deven Parekh, Roger Altman and John Vogelstein, among others, raised at least $2 million. 💰💵
— Brian Schwartz (@schwartzbCNBC) June 29, 2020
Biden told his donors he believes Trump’s tax cuts, which were widely praised by average Americans when they were implemented, were “irresponsible, sugar-high tax cuts.” Without providing any evidence, he claimed the tax cuts were making it harder for the government to manage the coronavirus outbreak.
“We have to think as big as the challenge we face,” he reportedly said. “But this is America, there is nothing we cannot do if we do it together. But I think the country is ready.”
Ready for what? More taxes?