Joe Biden may have just had a moment of honesty that could prove fatal to his presidential ambitions.
The former vice president and presumptive Democrat presidential nominee promised donors attending a virtual fundraiser on Monday that he would raise their taxes by rolling back all of the tax cuts passed by President Donald Trump and Republicans in 2017, The Washington Times reported.
Cutting the tax cuts
It was one of Trump’s biggest achievements of his first year: with help from Republicans in what was then a GOP-controlled House and Senate, Trump passed a $2 trillion tax cut for both individuals and corporations that has been credited with serving a big role in the economic boom seen in the years that followed.
All of that would be for naught if Biden were to be elected president, however.
CNBC reports that Biden told donors the post-pandemic economic recovery would provide an excellent “opportunity” to make substantial reforms, particularly in terms of infrastructure and “clean” energy production.
“Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill,” Biden said, referring to what he called “irresponsible sugar-high tax cuts” by Trump, according to CNBC.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden vowed.
He went on: “And a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis.”
Money out of your pocket
Biden specifically promised to increase the corporate tax rate to 28%, which he predicted would raise federal revenues by as much as $1.3 trillion over the next 10 years, as The Washington Times reported. President Trump, according to Times, had lowered the corporate tax rate from 35% down to 21%.
Of course, this isn’t the first time Biden has promised to raise taxes. The former VP made a similar vow in December.
According to Forbes, Biden suggested at the time that he would increase taxes to the tune of approximately $3.2 trillion over the next decade. That tax hike would include taxing capital gains as ordinary income, increasing individual tax rates, limiting itemized deductions, and raising the corporate tax rate.
If you want more money in your pocket, it seems Joe Biden isn’t the name to check off this November.