Joseph R. Biden, the presumptive Democratic presidential nominee, told campaign donors late Monday that he plans to roll back a majority of President Trump’s several trillion-dollar tax cuts.
In a virtual campaign event, which raised at least $2 million, according to CNBC, Mr. Biden unveiled a host of policy initiatives that he plans to implement if he becomes president.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Mr. Biden said. “A lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis.”
He explained that he would also seek to increase the corporate tax rate to 28%, raising approximately $1.3 trillion over the next to years.
Mr. Biden told supporters that “we have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together. … But I think the country is ready.”
Under Mr. Trump, corporate taxes have been cut from 35% to 21%.
Former White House press secretary Sarah Huckabee Sanders told Fox News Tuesday morning that “the last thing our country needs right now is higher taxes, and a vote for Joe Biden is exactly what would happen.”