Former Vice President Joe Biden said that if he is elected president in November, he will not raise taxes on the households earning below $400,000 annually.
“Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo,” Biden said during an interview with CNBC on Friday.
His proposal was aimed at the 2017 Republican tax cuts that President Donald Trump signed into law.
“My tax policy is based on a simple proposition,” Biden explained, “which is, stop rewarding wealth and start rewarding work a little bit.”
Biden also pointed out how the Trump administration’s heavy tax cuts for corporations ultimately resulted in the $2 trillion lost revenue that could’ve been used for the COVID-19 response.
“Imagine if we had that $2 trillion now as we go into, God willing, a recovery which is a long way away as I see it right now,” he said.
During the interview, Biden remarked on Amazon, saying that the corporation is paying too little taxes compared to its size.
“I think Amazon should start paying their taxes,” Biden said. “I don’t think any company, I don’t give a damn how big they are, the Lord Almighty, should absolutely be in a position where they pay no tax and make billions and billions and billions of dollars.”