Biden criticizes Trump on the economy
Anthony, a Republican voter from Canonsburg, Pennsylvania, asked Biden about his assertion that he wouldn't raise taxes on anyone making less than $400,000 a year and how that fit with his promise to repeal the Trump tax cuts.
Biden said that the majority of those tax cuts, $1.3 trillion out of a total $2 trillion, went to the wealthiest Americans.
"If you raise the corporate tax just back to 28%, which is a fair tax, you'd raise $1,300,000,000 by that one act," he said. "If you made sure people making over $400,000 paid what they did in the Bush administration, 39.6%, you'd raise another -- it goes up to, let me get you the exact number here -- about another 200 -- excuse me, $92 billion."
Stephanopoulos asked Biden if the economy could handle the tax increases after the (devastation) caused by the pandemic. Biden pointed to a Moody's analysis of his tax plan which said his plan would create 18.6 million jobs and raise the GDP by a trillion dollars. He also talked about the wealth that billionaires gained, while millions of Americans were out of work.
Trump "talks about a V-shaped recovery. It's a K-shaped recovery," Biden said. "If you're on the top, you're going to do very well. ... If you're at the bottom, or you're in the middle or the bottom, your income is coming down. You're not getting a raise."
Stephanopoulos pressed Biden on whether it's wise to raise the corporate tax when the economy is weak.
"We're going to invest a great deal of that money into infrastructure and green infrastructure," he said.