The Political Insider

On Monday, the presumptive Democratic presidential nominee Joe Biden said to campaign donors that he would get rid of President Donald Trump’s $2 trillion tax cut, even though the wealthy and others might not like how it would affect them.

Biden said the current economy, COVID-19 pandemic and systemic racism brought to light by George Floyd’s death at the hands of Minneapolis police are all related, according to a report by CNBC that was shared by the President’s son, Eric Trump, on social media.

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Biden: ‘I’m going to get rid of the bulk of Trump’s $2 trillion tax cut’

Biden made his comments during a virtual fundraiser.

“Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill,” Biden told the potential donors. “But even before the crisis, his irresponsible sugar-high tax cuts had already pushed us into a trillion-dollar deficit, and imagine what we could do now if we weren’t in that circumstance.”

“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said.

The Democratic White House hopeful said he also plans to “raise the corporate tax of 20 to 28 percent, which is estimated now to raise $1.3 trillion over 10 [years],” as well as other tax boosts.

Trump slashed the corporate tax rate from 35% to 21% in 2017

In 2017, Trump signed a Republican tax bill that dropped the corporate tax rate from 35 percent to 21 percent.

Biden vowed that if he’s elected president, “I’m going to start working right away to, number one, beat the virus for good. Build a stronger, more responsive public health system for the future. Boost oversight to get economic relief out to working families and small businesses that need it the most.”

The former vice president also said that he would “invest record sums of money in clean energy innovation and infrastructure.”

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“We have to get small businesses a restart package to cover their reopening costs, from everything from administering tests, taking temperatures, to being able to pay the rent,” Biden added.

He finished, “I think people are ready to do things that they weren’t before and I think we can significantly grow the economy, grow the GDP, but also do it in a way that we provide dignity for people.”