Want to know how Joe Biden feels about the current tax policy – which, until COVID-19, resulted in our strongest economy in decades?
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis.” : Joe Biden, on Monday.
Want to know how he’s going to do it?
From Megan Henney’s article at foxbusiness.com:
The former vice president vowed to raise the corporate tax rate from 21 percent to 28 percent, which he said is projected to raise $1.3 trillion over the next decade. The Trump administration permanently slashed the corporate tax rate from 35 percent to 21 percent with the passage of the 2017 Tax Cuts and Jobs Act.
He also floated the possibility of capping deductions — Trump substantially increased the size of the standard tax deduction in 2017 — and sanctioning companies for tax avoidance.
Great. Raise corporate taxes – the ones which, once they were slashed by Trump, generated a huge boom in the economy and acted as a stimulus for keeping businesses, thus jobs, in the United States rather than sending them overseas where costs were so much lower.
And capping deductions – which benefit just about every taxpaying household in the country.
If you like those ideas, you know who to vote for.
And if you don’t like those ideas? Same rest-of-sentence: you know who to vote for.
