Biden to ABC's David Muir on raising taxes: 'No new taxes' for anyone making less than $400,000

[brooklynite]

Source: ABC News

In the first joint interview with Democratic presidential nominee Joe Biden and his running mate Sen. Kamala Harris, the former vice president told ABC “World News Tonight” anchor David Muir that everybody should pay “their fair share."

“I will raise taxes for anybody making over $400,000,” Biden told Muir, adding, “no new taxes” would be raised for anyone making under $400,000.

Tax policy is taking on additional significance for the 2020 presidential election, with the economic crisis inextricably tied to the pandemic, and more than 30 million Americans currently on unemployment.

Although Biden has been leading in the polls, polls also have shown that voters have greater confidence in President Donald Trump when it comes to the economy.

Read more: https://abcnews.go.com/Politics/biden-abcs-david-muir-raising-taxes-taxes-making/story?id=72554803&cid=clicksource_4380645_3_heads_hero_live_hero_hed

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No problem with me.

[bucolic_frolic]

1. In ordinary times this might seem unrealistic, because

where will you get the revenue to run the government?

But QE1-2-3, Fed purchases ... state deficits ... it's all in flux.

Biden will inherit a mess as grand as 1932, but 2-3 years out revenues should return to normal as COVID recedes. Hopefully.

[safeinOhio]

2. "For unto whomsoever much is given, of him shall be much required."

Waiting for those Evangelist to argue against it.

[exboyfil]

3. The math doesn't work

Unless he hyperinflate where $400K represents $200K today.

[oldsoftie]

4. Meaning, once again, we wont raise enough money. NO ONE wants to be honest about taxes.

The people over 400k already pay almost ALL income taxes. There arent enough of them to pay for all the programs we want & need.
Its just NOT going to happen, but politicians will never be honest about taxes.
When we all point to programs in Europe that we'd like HERE, we skip over the part of how they pay for it. Yes, the wealthy pay more over there. But EVERYONE ELSE PAYS TOO. The cutoff is very low compared to the US. Plus, they also have a sales tax, which is the only REAL way to tax all the hidden untaxed income. Which is likely trillions.

[Yavin4]

10. I agree with you but it's a losing position to be the deficit hawk party

Voters associate you with economic pain, less services/higher taxes. This is how the Republicans stay close to power while being a completely dysfunctional party.

Austerity is a loser. Always has been. Always will be.

[hamsterjill]

18. Some realism. Thanks.

Just curious though, what would be generated if Jeff Bezos and Mark Zuckerberg were truly taxed fairly?

I’m serious here and not being a smart ass. What if they paid a fair share instead of little or nothing as is reported. What about Trump? The real estate deductions alone are ludicrous.

[Wuddles440]

5. Mistake!

He should have refrained from making any such promise - especially considering the economic mess that he will inherit if he somehow manages to win the presidency. The soaring debt/deficit, state/local budget shortages, and chronic unemployment of those most vulnerable are ticking time bombs. Making such a promise and subsequently being forced to reverse it once confronted with reality and the dire need for additional revenue could seriously damage his credibility. If anything, he should be focusing on the inequitable tax system - one in which those that have acquired the most wealth pay the least amount in taxes, especially corporations such as Amazon!

[still_one]

9. He did focus on the inequitable tax system, and made it very clear that the days of no taxes for

large corporations was over, and that they would pay their fair share in taxes

He made it clear he was NOT referring to small businesses

[Wuddles440]

14. Sorry..

but many so called "small businesses" are some of the biggest beneficiaries of the current tax code (farmers, LLCs, sub-chapter s corps, etc.). Those that are subjected to an abusive tax system are wage slaves and retirees.

[still_one]

20. I am saying in that interview he made it clear in that interview that small businesses, less than

50 employees would not be impacted.

What you are referring to as "wage slaves and retires", unless they are making over 400000 they would not be affected adversely according to what Biden is proposing

In a separate forum he also indicated that the limit on property tax and state income tax deduction limits under trump would be removed. Those were put in specifically to punish those in blue states who pay higher property and state income taxes.

Just giving context to what he said in the interview

[roamer65]

6. The Repuke tax cut for the middle class sunsets around 2025 or so.

Slowly, they are being raised each year until then.

The focus should be on undoing the corporate tax cut and the SALT deduction limitation.

Also raising taxes on the wealthy.

[The_Counsel]

7. RE: Which Candidate Has More Voter Confidence with the Economy

Last edited Mon Aug 24, 2020, 05:10 PM - Edit history (1)

This paragraph irks me to no end:

Although Biden has been leading in the polls, polls also have shown that voters have greater confidence in President Donald Trump when it comes to the economy.

This doesn't tell nearly the whole story. Yes, Trump leads Biden on the economy by some ten points, but that gap was more like THIRTY points as of January. Even Democrats are ignoring the fact that Biden has closed the gap significantly.

Not to mention: If that gap closes much more, we're looking at a landslide of Biblical proportions, here...

[still_one]

11. Within two weeks after trump took office he was taking credit for President Obama's economy

The media of course did not call him out on that, and allowed the lie to perpetuate, like they have done on other occasions with other issues

[The_Counsel]

16. That's Another One. Just Infuriating!

Trump, and sadly a large swath of voters in this country, actually believe that all he had to do was take the oath of office and he could fix an economy that was already recovering.

Same for unemployment among people of color. People BELIEVE this shit!. We are a nation of idiots...

[still_one]

19. exactly

[Yavin4]

8. We should hold off on raising taxes until the economic crisis is over.

Democrats have got to break free from being the deficit hawk party. That's a losing position politically. Republicans get away with generous tax cuts and then shame the Dems about the deficit. We keep falling for this bullshit.


Get the country back on its feet and then deal with the deficit if need be.

[still_one]

12. Biden made it very clear what he was referring to. Corporations such as Amazon that are paying

zero taxes, are going to have to pay their fair share

Those making over 400K a year will also have to pay their fair share

For all others taxes will NOT be increased

Since trump took office the one's who have benefited the most from his tax bill have been those who don't need it

[still_one]

13. He also highlighted that large corporation paying zero taxes will have to pay their fair share

[Bayard]

15. But this will get played this week as--Biden will raise your taxes.

Count on it.

[moose65]

17. I'd like for the tax code to be MORE complicated

Whenever Republicans say something like "you should be able to do your taxes on a postcard" I just shake my head. The income tax brackets need to be MORE complicated, not less. There is a big difference between a person who makes $750,000 a year and someone who makes $75,000,000 a year. I want those higher income levels to be taxed more. I don't care if we have 100 tax brackets.

However, it has long been my belief that the super-wealthy really don't give a shit about income tax rates. What they really care about is the capital gains tax rate, and the inheritance tax rate.

[samsingh]

21. Excellent.