Tags: 2020 Elections | biden | trump | economy | taxes | coronavirus

Biden Vows to Repeal Trump $2T Tax Cut, Raise Corporate Taxes

By    |   Friday, 22 May 2020 09:32 AM

Former Vice President Joe Biden vowed Friday that if he's elected president, he'd move to repeal President Donald Trump's $2 trillion tax cut, and he slammed the president for his "slowness" response to the coronavirus pandemic.

He also said in an extensive interview on CNBC's "Squawk Box" that economic recovery from the pandemic remains "a long way away."

"I would repeal the $2 trillion tax cut for the folks who make over 1 million bucks a year, because it's demonstrated very little or no growth," Biden said Friday, adding that he's calling for a 28% corporate tax rate. 

He also complained that large corporations are benefiting through the $2.5 trillion CARES Act, and that he'd get the money to small businesses instead. 

"The Main Street lending program...it's out there with billions of dollars," he said. "It hasn't lent a single solitary dollar in over three months. Farmers who are needing the help, we're told they haven't gotten any of the money out, it's not going out until June the 1st."

Meanwhile, Biden claimed Trump is "slow off the mark."

"His slowness is costing lives and costing jobs and costing our ability to rebound," said Biden. 

"What we're doing now is upside down. The bigger you are, the faster you get the money...look, I just think he's got this all backward but he doesn't seem to care much about it."

Biden said his tax policy is based on a "simple proposition" of rewarding work over wealth, not tax cuts.

"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, in which they use to buy back hundreds of billions of stock, boost wages for workers," he said. 

Biden also slammed Amazon for its tax record. The retail giant paid federal taxes this year for the first time in 2016, according to CNBC reports

"I don't think any company, I don't give a damn how big they are, if you are Lord Almighty, should absolutely be in a position and pay no tax and make billions and billions and billions of dollars," said Biden.

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Former Vice President Joe Biden vowed Friday that if he's elected president, he'd move to repeal President Donald Trump's $2 trillion tax cut, and he slammed the president for his "slowness" response to the coronavirus pandemic.
biden, trump, economy, taxes, coronavirus
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2020-32-22
Friday, 22 May 2020 09:32 AM
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