Biden tells donors he will end most of Trump’s tax cuts

Democratic presidential candidate and former Vice President Joe Biden speaks during a Biden campaign event at a recreation center in Lancaster, Pennsylvania, USA, on June 25, 2020.

Mark Makela | Reuters

Presumptive Democratic candidate Joe Biden told potential campaign donors that his administration would end most of President Donald Trump’s multi-million dollar tax cuts, although “many of you may not like it.”

Biden’s warning to his sponsors came when the candidate presented an ambitious set of political goals during a virtual fundraising campaign on Monday.

The event raised at least $ 2 million, CNBC reported.

Biden, who has largely been spared in-person campaign events during the coronavirus pandemic, said recovering from the health crisis could present an “opportunity” to strengthen the middle class and make radical investments in clean energy. and infrastructure.

“Friends, it is going to be really hard work and Donald Trump has made it much more difficult to pay the bill,” Biden said, according to a report by the Wall Street Journal reporter’s press group on the event.

But even before the coronavirus crisis effectively froze the United States economy and triggered unemployment, “irresponsible high sugar tax cuts had already led to a trillion dollar deficit,” Biden said.

“I’m going to get rid of most of Trump’s $ 2 trillion tax cut,” Biden continued, “and many of you won’t like that, but I’m going to close gaps like capital gains and increase the base. “

Biden also said it would raise the corporate tax rate to 28%, which it said would raise an estimated $ 1.3 trillion in the next decade. Trump’s tax cuts had cut corporate taxes to 21% from 35%.

“We have to think as much as the challenge we face. But this is the United States, there is nothing we cannot do if we do it together,” Biden said. “But I think the country is ready.”

The Trump campaign did not immediately respond to a request for comment.

CNBC’s Brian Schwartz contributed to this report.


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