USA:Former Vice President and nominee Joe Biden has said that if he wins the presidency in November’s election, he will waive taxes for Americans who earn less than $400,000 a year.
In an interview with a local media, Biden discussed his plan for waiving taxes that included this segment of the population and appeared to include businesses as well.
“I will waive taxes for anybody making lessthan $400,000 and raise taxes for any body making over $400,000,” Biden said. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share — corporations should pay a fair share.”
Biden referred to businesses that take in “close to a trillion dollars and pay no tax at all.”After saying this, a journalist questioned the wisdom of burdening businesses with new taxes while the economy needs to recover from the coronavirus crisis.READ ALSO: US Elections:Obama, Kamala Harris Declare Support For Biden To Unseat Trump
“It’s smart to tax businesses that in fact are making excessive amounts of money and paying no taxes,” Biden said.
When asked, Biden said that there would be no new taxes for small businesses or individuals who earn $400,000 or less.
In addition, Biden took his campaign gospel to his social media and asserted, “If you make under $400,000, you will not pay a penny more in taxes when I’m president.”
The policies Biden intends to enact, including the tax hike on those making more than $400,000 a year, would raise tax revenue by $3.8 trillion over the next 10 years, according to an analysis by the Tax Foundation. The Tax Foundation says Biden’s plan would end up collecting roughly $3.2 trillion in actuality “when accounting for macroeconomic feedback effects.”READ ALSO: Trump,Biden Cry Foul As Popular Rapper Kanye West Announces Presidential BidPresident Trump warned in his recent interviews that Biden presidency would bring about the “biggest tax increase in history.”
