Despite the other issues impacting the nation during this election year, the economy remains a clear priority for voters across the ideological spectrum.
That could cause some problems for Democratic presidential nominee Joe Biden, who admitted this week that he will raise taxes on corporations and wealthy Americans if he is elected next month, as reported by the Washington Examiner.
“When the economy is as weak as it is”
His promise came during a town hall event broadcast on ABC this week.
The former vice president has previously acknowledged his intention to repeal tax cuts enacted under the Trump administration in 2017.
As calculated by the Examiner, that move “would include raising the corporate tax back to 28% from its current rate of 21%” as well as a hike for “those who make more than $400,000.”
Even host George Stephanopoulos addressed related concerns during Thursday’s town hall, asking the candidate if it is “wise to do even that when the economy is as weak as it is right now.”
Biden was clear in his answer.
“You’ll end up with a depression”
“Absolutely,” he responded, going on to confirm that he would waste no time upon entering the White House in pushing forward with his plan.
Of course, President Donald Trump held a town hall that aired simultaneously on NBC — and tax policy was a topic discussed during that event, too.
“Companies are pouring into our nation because of the tax rate, and if Biden comes in and raises taxes on everybody, including middle income taxes, which he wants to do, you will blow this thing, and you’ll end up with a depression, the likes of which you’ve never had. That’s what’s going to happen,” Trump said.
For his part, Biden claimed that he would keep the tax cuts Trump has already implemented for middle-class Americans.
With Trump promising to lower the corporate rate even further, however, a wide range of voters might find it hard to get on board with Biden’s promised tax increases.