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?
President Trump was elected on a platform of cutting taxes, and in 2017 Republicans passed a tax cut reducing the corporate tax rate from 35 percent to 21.
The top personal income tax rate was reduced from 39.6 percent to 37 percent.
The top tenth of the top 1 percent would pay an average of $1.8 million a year more in taxes.