Democratic presidential nominee Joe Biden said late Sunday that there would be “no new taxes” for anyone earning less than $400,000 a year under his administration, prompting advisors and tax planners to raise questions about the move on Twitter Monday.
Biden made his comments during a joint interview with his vice presidential pick, Sen. Kamala Harris, D-Calif., on the ABC News program “World News Tonight” with David Muir.
“I will raise taxes for anybody making over $400,000,” Biden told Muir. “Let me tell you why I’m going to do it: It’s about time they start paying their fair share of the responsibility we have. The very wealthy should pay a fair share. Corporations should a fair share.”
“No new taxes” would be imposed on anyone earning less than $400,000 a year, Biden said.
Muir also asked: “Is it smart to tax businesses when you’re trying to recover?”
Biden responded: “It’s smart to tax businesses that are making excessive amounts of money and paying no taxes.”