Joe Biden & Taxes: Vows 'No New Taxes' on Individuals Making Under $400,000

Democratic presidential candidate Joe Biden speaks in Dunmore, Pennsylvania, July 9, 2020. (Tom Brenner/Reuters)

Democratic presidential nominee Joe Biden has said as president he would raise taxes for anybody making over $400,000 a year, while “no new taxes” would be raised for anyone making under that figure, saying everyone should pay “their fair share.”

In a joint interview with running mate Senator Kamala Harris (D., Calif.) on ABC’s 20/20 that aired Sunday, Biden said “it’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes,” when asked by ABC’s David Muir if it “is smart to tax businesses while you’re trying to recover?” 

Biden’s statement comes as polls show that voters favor President Donald Trump when it comes to confidence in the candidates’ ability to handle the economy, which is suffering amid the coronavirus pandemic that has left more than 30 million Americans on unemployment benefits. 

“It’s how we did it last time,” Biden said of his plan, in reference to the 2008 recession. He went on to say that under his and then-President Barack Obama’s leadership, the country saw economic recovery, “with the largest, the most consecutive number of months of growth in jobs of any time in history. We did it the right way.”

Biden then took aim at President Donald Trump, saying, “Look [at] what he’s doing. The money was supposed to go to help small businesses. You have one in six small businesses that have already closed. You’re finding a situation that over 60% of the money only 40% of money for small businesses went to small businesses.”

Biden said if he were president, “There will be no raising taxes” on the “90% of the businesses out there are mom and pop businesses that employ less than 50 people.”

“We have to provide them with the ability to reopen. We have to provide more help for them, not less help,” he said.

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