Joe Biden has been consistent throughout his presidential campaign: Some level of higher taxes is coming.
In a donor meeting Monday evening, Biden said he was “going to to get rid of the bulk of Trump’s $2 trillion tax cut.” He added about President Trump’s 2017 tax law, enacted with a Republican Senate and a House then under Republican control, “A lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” mentioning the numerous wealthy people in attendance virtually.
“Folks, this is going to be really hard work, and Donald Trump has made it much harder to foot the bill,” he said, mentioning the likely trillion-dollar-plus cost of the administration stimulus efforts as the coronavirus pandemic has plunged the economy into a deep recession with double-digit unemployment.
The 2017 Tax Cuts and Jobs Act is one of the few legislative wins for Republicans since Trump’s election in 2016. Critics point to the cost, estimated in the trillions over 10 years, and disproportionate benefit to the wealthy as reasons to repeal it.
In his remarks, made during a digital fundraiser that brought in at least $2 million for his campaign, Biden pledged to raise the corporate tax rate to 28%. The GOP’s tax law cut that rate from 35% to 21%.
“We have to think as big as the challenge we face. But this is America. There is nothing we cannot do if we do it together,” the former vice president said. “But I think the country is ready.”
