Biden: I will raise taxes for anybody making over $400K

Democratic presidential candidate former Vice President Joe Biden and his running mate Sen. Kamala Harris, D-Calif., watch fireworks during the fourth day of the Democratic National Convention, Thursday, Aug. 20, 2020, at the Chase Center in Wilmington, Del. (AP Photo/Andrew Harnik)

OAN Newsroom
UPDATED 7:22 AM PT – Monday, August 24, 2020

Democrat presidential nominee Joe Biden said he plans to raise taxes for those with an annual income of more than $400,000 if he is elected. He and his running mate, Sen. Kamala Harris (D-Calif.), outlined their tax plan in their first joint interview Sunday.

The former vice president claimed raising taxes on the wealthy is how the Obama administration helped end the Great Recession back in 2008. He said he believes it could help the current economic climate. Biden also proposed raising taxes on large businesses, though he doesn’t believe doing so to smaller businesses would be necessary.

“You have 90-percent of the businesses out there are mom and pop businesses…they employ less than 50 people, there will be no raising taxes on them,” he explained. “We have to provide them with the ability to reopen, we ahve to provide more help for them not less help.”

Biden said he does not intend to raise taxes for Americans who make less than $400,000 a year. He then argued the wealthy should be responsible for paying “their fair share.”

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Amber Coakley
Author: Amber Coakley

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