Democratic presidential nominee Joe Biden said Thursday he doesn’t plan on eliminating all of President Donald Trump’s 2017 tax cuts – just those that apply to top earners.
“That’s what I’m talking about elimination, not all the tax cuts that are out there,” Biden said during an ABC town hall, in reference to tax cuts for the top 1%, according to the Associated Press (AP).
Biden then pulled out a “card” that noted facts and figures on tax rates and further explained that when he said he’s eliminating the tax cuts, he meant for the top 1%.
“Trump tax cuts, about $1.3 trillion of the $2 trillion of the tax cuts went to the top 1/10th of 1 percent – that’s what I’m talking about eliminating,” he said. (RELATED: Here’s How Much Taxes Will Increase If Biden Gets Rid Of Trump’s Tax Cuts)
Biden also said he would raise the corporate tax rate to 28% after Trump lowered it to 21%.
Biden announced a tax proposal plan in September that would change the corporate tax code to encourage investment in the U.S. Under Biden’s plan, the corporate tax rate would be raised to 28%, and corporations