Former Vice President Joe Biden on Sunday pledged not to raise taxes on people making less than $400,000 but defended a plan to raise taxes on the wealthier Americans as “smart.”
KEY FACTS
Just one day after accepting the Democratic nomination for president, Biden sat down for an interview with ABC’s David Muir and Robin Roberts alongside Sen. Kamala Harris (D-Calif.), their first joint interview together.
Muir asked Biden about frequent attacks by Trump and his campaign that he would raise taxes, to which Biden responded that he would only raise taxes on those Americans making more than $400,000.
“It's smart to tax businesses that are in fact making excessive amounts of money and paying no taxes,” Biden said when asked about taxing businesses during a recession.
However, Biden also pledged “no new taxes” on Americans making under $400,000 a year, adding that “there will be no raising taxes” on “the “90% of the businesses out there are, mom and pop businesses, that employ less than 50 people.”
Politico reporter Sam Mintz argued that the “ambiguous phrasing” of Biden’s statement makes it “impossible to tell what this actually means,” asking, “What about increases to existing taxes like the gas tax?”
Biden pointed to history as an example of that proposal’s success, claiming, “It's how we did it last time,” during the Obama administration’s response to the 2008 recession and saying it prompted “the most consecutive number of months of growth in jobs of any time in history,” and concluding “We did it the right way.”
Chief Critic
Republicans fired back quickly at Biden’s claim that he would not raise taxes on most Americans, arguing that his current proposals would do just that. Some pointed to a Tax Foundation analysis claiming Biden’s proposed tax plan would “lead to lower after-tax income for all income levels,” while Trump campaign rapid response staffer Abigail Marone tweeted that Biden’s proposal to reinstate the Affordable Care Act’s individual mandate is a tax that “targets low & middle income Americans.”
What To Watch For
Biden’s statement likely won’t be enough to halt Trump’s attacks on him as a tax-raiser. “Expect Trump and GOP to hammer Biden on wanting to raise taxes throughout the RNC, claiming Biden/Harris will ‘double and triple your taxes,’” noted ABC reporter Will Steakin.
TANGENT
Asked if he would keep the possibility of running for a second term open if elected – despite being 78 years old – Biden said he “absolutely” would.
This article originally appeared on Forbes.
