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Joe Biden shock: Former VP says he will put an end to most of Donald Trump's tax cuts
Former vice president Joe Biden recently held a virtual fundraiser for his campaign, and it was there that he revealed more of his plans that will be implemented should he win the November elections. Among those plans is putting an end to the multitrillion-dollar tax cuts that Donald Trump has imposed.
CNBC reports that during Monday’s fundraiser that was co-hosted by figures like Blair Effron, Jane Hartley, Deven Parekh, and Roger Altman among many others, Biden told his potential backers that his administration will get rid of most of the multitrillion-dollar tax cuts imposed by Trump, even if it might not be favorable to them. “I’m going to get rid of Trump’s $2 trillion tax cut, and a lot of you might not like that but I’m going to close loopholes like capital gains and stepped-up basis,” said the former vice president.
In turn, Biden also revealed that he would raise the corporate tax again. The Trump administration cut down the corporate tax from 35 percent to 21 percent. Biden will raise the corporate tax rate by 28 percent. This would raise around $1.3 trillion by the next decade.
Although the coronavirus pandemic was responsible for the economic collapse as well as sending millions of Americans into unemployment, Biden explains that the tax cuts that were already in place prior have resulted in a trillion-dollar deficit. The presumptive Democratic nominee then offered words of hope and called for unity. “We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together. But I think the country is ready,” said Biden.
Previously, the Biden campaign released its staff diversity data, showing how diverse the staff on their campaign staff is. The data revealed that 35 percent of the full-time Biden campaign staff were people of color, whereas, among the senior staff, 36 percent were people of color. Both senior and full-time staff are predominantly made up of women, 53 percent of the full-time staff and 58 percent of senior staff identify as female.
The data does not indicate a breakdown based on race and ethnicity.