US Presidential Candidate Joe Biden Says ‘No New Taxes’ For Anyone Making Less Than $400,000

Democratic presidential nominee Joe Biden told the interviewer at ABC “World News Tonight”, “I will raise taxes for anybody making over $400,000”, adding, “no new taxes” would be raised for anyone making under $400,000.  

The interviewer asked, “Is it smart to tax businesses while you’re trying to recover?”  

In the 2020 presidential election, Tax policy is taking an additional significance with the economic crisis strongly tied to the current pandemic, and more than 30 million Americans currently on unemployment currently surviving on expired jobless benefits. 

Although Biden seems to be on the lead in the polls, polls have shown that voters still have greater confidence on President Donald Trump when it comes to the recovery of the economy. 

“It’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes” Biden replied. 

“It’s how we did it last time,” he said, in reference to the 2008 recession, adding that his work, at the time, with then-President Barack Obama, led to economic recovery, “with the largest, the most consecutive number of months of growth in jobs of any time in history. We did it the right way.” 

The upcoming elections are now starting to have an effect on the forex market at a time where the pandemic is taking a huge toll on the lives of the US Citizen for which 30 million or more are unemployed. 

Speculations of a new administration are emerging and the markets may struggle with the uncertainty of the new congress. 

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