Jun 30, 2020
Biden tells potential donors he would end Trump tax cuts even though many of them may not like it
This news has been received from: thehill.com
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Presumptive Democratic presidential nominee Joe BidenJoe BidenRussian bounty intel was included in Trump's daily briefing: reports House Dems to offer up road map to solve the climate crisis Supreme Court ruling could unleash new legal challenges to consumer bureau MORE told potential campaign donors at a Monday event that he would end President TrumpDonald John TrumpTop intelligence officials release statements criticizing leaking of Russian bounties information Russian bounty intel was included in Trump's daily briefing: reports Senators will have access to intelligence on Russian bounties on US troops MORE’s 2017 $2 trillion tax cut, even though many of them might not like it.
During a virtual fundraiser that raised at least $2 million, according to CNBC, Biden said the current economic situation, coronavirus pandemic and systemic racism highlighted by George Floyd's death in Minneapolis are intertwined.
“Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill,” Biden told the potential backers, according to a pool report from The Wall Street Journal's Ken Thomas. “But even before the crisis, his irresponsible sugar-high tax cuts had already pushed us into a trillion-dollar deficit and imagine what we could do now if we weren’t in that circumstance.”
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden continued.
Biden said he also plans to “raise the corporate tax of 20 to 28 percent, which is estimated now to raise $1.3 trillion over 10 (years),” in addition to other tax initiatives.
Trump signed the sweeping GOP tax bill into law in late 2017. The legislation slashed corporate taxes from 35 percent to 21 percent, CNBC noted.
The former vice president vowed that, if elected, “I’m going to start working right away to No. 1, beat the virus for good. Build a stronger, more responsive public health system for the future. Boost oversight to get economic relief out to working families and small businesses that need it the most.”
He also said that he would “invest record sums of money in clean energy innovation and infrastructure.”
“We have to get small businesses a restart package to cover their reopening costs, from everything from administering tests, taking temperatures to being able to pay the rent,” he added.
Biden said that “I think people are ready to do things that they weren’t before and I think we can significantly grow the economy, grow the GDP, but also do it in a way that we provide dignity for people.”
Last month, Biden pledged that he would not raise taxes on those making less than $400,000 annually. An analysis of Biden’s tax plan released earlier this year by the Urban-Brookings Tax Policy Center found that people with incomes of over $837,400 would see the largest tax increases.Tags Donald Trump Joe Biden tax policy
News Source: thehill.com
Amazon tells employees to remove TikTok from their devices immediately
(CNN Business)Amazon has instructed its employees to remove the short-video app TikTok from their devices immediately, according to a person familiar with the matter.In an email sent to employees Friday morning and obtained by CNN, Amazon (AMZN) said that due to "security risks, the TikTok app is no longer permitted on mobile devices that access Amazon email."Accessing TikTok from company laptops is still permitted, the email said, but mobile devices will be cut off from Amazon email unless the app is removed.