Joe Biden on Friday promised to still raise taxes for corporations and high earners as part of his vow to repeal the Trump tax cuts as president — even if the U.S. is still suffering from the coronavirus crisis.
During an interview on CNBC, host Joe Kernen asked Biden: “So, you would repeal the Trump tax cuts immediately, and then raise taxes even further, right away? Even if the economy is still in the midst of this pandemic? Would you do that, if elected?”
“I would repeal the $2 trillion tax cut for the folks who are making over a million bucks a year,” Biden replied. “Because, as demonstrated, it’s demonstrated very little or no growth.”
Kernen asked if he would raise taxes on corporations as well. “The corporate tax rate, I’d move back to what I had proposed at 28 percent,” the former vice president responded.
The U.S. corporate tax rate is currently 21 percent.
Later during the interview, CNBC’s Andrew Ross Sorkin pressed Biden on raising taxes in the middle of the major economic downturn brought on by the coronavirus pandemic.
“And I understand you want to raise taxes. The question is,