Biden tells donors he plans to roll back most of Trump's trillion-dollar tax cuts

by Bryan Brammer · Jun 30th, 2020 2:04 pm

Last Updated Jul 1st, 2020 at 7:30 am

Democratic presidential nominee Joe Biden told potential campaign donors on Monday that he plans to roll back a majority of President Trump's trillion-dollar tax cuts.

During a virtual fundraiser that raised at least $2 million, the former vice president revealed a number of policy initiatives he plans to implement if he wins the 2020 presidential election.

"Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill," Biden told prospective donors. "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."

Trump signed the tax bill into law in 2017, cutting the corporate tax rate from 35% to 21%.

Biden said he plans to "raise the corporate tax of 20% [sic] to 28%, which is estimated now to raise $1.3 trillion" over the next 10 years.


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