Biden: ‘No new taxes’ for anyone making under $400K

Democratic presidential nominee Joe Biden said in an interview aired Sunday he will not raise taxes for Americans making less than $400,000. 

The Democrat, in a joint interview aired on ABC News with his running mate Sen. Kamala Harris (D-Calif.), said everybody should pay “their fair share.” 

“I will raise taxes for anybody making over $400,000,” Biden told ABC’s David Muir. 

Biden added that “no new taxes” would be raised for anyone making under $400,000. 

Muir also pressed Biden on if it is “smart to tax business” while the U.S. is recovering from the economic fallout of the coronavirus pandemic. 

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

“It’s how we did it last time,” he said, in reference to the 2008 recession that he as vice president under former President Obama led the economic recovery of. 

“Look [at] what he’s doing,” Biden added, criticizing Trump. “The money was supposed to go to help small businesses. You have 1 in 6 small businesses that have already closed. You’re finding a situation that over 60 percent of the money — only 40 percent of money for small businesses went to small businesses.”

Pressed on whether taxes will be raised on small businesses, Biden said “no.”

He said taxes will not be raised on the “90 percent of the business that are mom and pop businesses that employ less than 50 people.” 

“We have to provide them with the ability to reopen. We have to provide more help for them, not less help,” he said.