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#Joe Biden muddles middle-class tax policy, slams nation’s ‘trillionaires’

#Joe Biden muddles middle-class tax policy, slams nation’s ‘trillionaires’

Joe Biden railed against “trillionaires” in a speech Friday where he also vowed that middle-class Americans wouldn’t pay a penny more in taxes under his plan — despite wanting to eliminate President Trump’s tax cuts for the middle class.

During a 25-minute stump speech in Des Moines, Iowa, the Democratic nominee repeated his campaign pledge that Americans earning less than $400,000 a year would not see their taxes raised if he was elected president next week.

“I guarantee you, I give you my word as a Biden, no one making less than $400,000 a year will see a penny in their taxes raised. No one,” the former veep, 77, said to honks of approval from supporters at the “drive-in rally.”

“But I tell you what, it’s about time, the wealthiest people in America, the billionaires and trillionaires — um, the multi-billionaires,” he went on, trailing off when he realized his error.

There is currently no such thing as a “trillionaire.”

Meanwhile, Trump’s signature 2017 tax cut has actually reduced the average tax liability by up to 12.5 percent for people earning between $15,000 and $20,000 a year, according to IRS numbers crunched by MarketWatch.

Joe Biden campaigning in Des Moines, Iowa today.
Joe Biden campaigns in Des Moines, Iowa, today.REUTERS

For taxpayers making between $40,000 and $50,000, that was a 14.5 percent drop.

Federal income taxes paid by New Yorkers also fell by nearly $3.4 billion, or 2.4 percent, according to one study released last month.

But Biden has publicly stated that he wants to do away with these tax cuts and introduce his own proposal, while his running mate Kamala Harris claims they have only benefitted the “top one percent and the biggest corporations of America.”

“That’s why I’m going to eliminate the Trump tax cuts,” Biden vowed at his first presidential debate with Trump in Cleveland.

“I’m going to eliminate those tax cuts and invest in the people who need help,” he went on.

One recent study found that the Democratic nominee’s proposal could in fact slug high-earners in New York and New Jersey with federal and state tax rates of more than 58 percent.

In an interview with Axios on Friday morning, White House chief economic adviser Larry Kudlow said the commander in chief planned to introduce further cuts to middle class taxes if re-elected.

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