Joe Biden pressed about his plan for tax cuts for the middle class at ABC town hall

“When you allow people to get back in the game and have a job, everything moves,” Joe Biden said while discussing tax cuts and his economic plan for the country.
5:27 | 10/16/20

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Transcript for Joe Biden pressed about his plan for tax cuts for the middle class at ABC town hall
From Cannes for Pennsylvania's a suburb of Pittsburgh Republican notre president truck. Thank you George thank you mr. vice president. You stated that anyone making. Less than 400000 dollars will not see one single penny of their taxes raised through also state that you're going to eliminate the trump tax cuts. The trump tax cuts reduces taxes for the majority of workers what are you not enough. What is your plan for either extending the tax cuts for the middle class were creating a new plan that further reduces those tax. The charges corridors me when I said detective trump tax cuts about one point three trillion. Of the two trillion dollar business tax cuts went to the top 110 of 1%. That's what I'm talking about eliminating not all the tax cuts that are out there and by the way if you chase take a look we reduced the corporate tax rate. From 35%. And Democrats Republicans who were in office thought I should come down 28%. He reduced to 221%. You have 91 out of every in the fortune 500 companies not paying a single solitary penny. If you raise the corporate tax just back to 28% which is a fair tax. You'd raise 1000000000300. Billion dollars by that one act. If you made sure the people making over 400 grand paid if they did in the Bush Administration 39 point 6%. It would raise another as goes up to immediately exact number here about under the 200 tribute nineteenth two billion dollars. So you can raise a lot of money to be able invest in things that can make your life easier. Make you. Change your standard of living by making sure we have affordable health care and make featured a situation where. You're able to send your kid to school if you have a student debt you can deal with the making sure that your your home you can pay your mortgage have twenty people right now. Especially press you on that they sure that you can raise the corporate cash are gonna raise taxes on the wealthy. Is it wise to do even that when the economy is as weak as it is right now neither after 900000 people that's faster on a great question. Moody's did an analysis. Of mud detailed analysis of my tax plan in my economic. They said I won't for years Moody's Wall Street. Set I'll create eighteen point six million new jobs good paying jobs number one. Number two around created the GDP will grow by a trillion dollars war in the 100 charm and seven million more jobs and under trump. And the reason is when you allow people to get back in the game and have a job everything move. Everything moved. Right now you got the opposite. You had last year it generated during this pandemic. You have the wealthiest billionaires in the world and in the end nation they may do it yet another 700 billion dollars. Senator Diane out he talks about a V shape. Recovery it's a K shaped recovery if you're on the top you're gonna do very well. And don't think I'm cute and if you're in the bottom of your and Miller in the bottom your income was coming down. You're not getting a raise I I shouldn't I don't know what you do you may get there is hope your billionaire I didn't but what Bubba Bubba and all kidding aside. But it's a plowed grow wean the economy. And George the way out the reason why I'm so optimistic about economic. Conference more than I've ever Benton is we have these four crises happen and all wants and one helps the other for example. We're gonna invest. Great deal that money in due infrastructure. And it into a green infrastructure. We're gonna put 500000 charging stations on new highways were balloon all highways from whom we're gonna hold the electric market. You know as well as I do few days you know in the old days. Where the president has spends about 600 billion dollars your government contracts for everything from making sure they have aircraft carriers to. Two automobile fleets for them in the United States. If you make two make he's and we can and it's not violation of any international trade agreement made in America if you actually insist that. Whatever that product is made in America including the material that goes into the product. We it is estimated we're gonna create somewhere between another 46 million jobs just by doing that but what's happening now. Under his trade policy a lot of this is going overseas you get a benefit from going overseas. If you have much of it being made overseas so if you send overseas get a 10% tax increase on you're on on the product. If you make it an American you bring it back you get a 10% growth. If you bring back a company and you're gonna open up a mole for open all facility you get a 10% tax credit for all you invested. That actually works yours so there's not going to be any delay and the tax increases. No well I gotta get the votes. I gotta get the votes that's why you know. The one thing I have I have the strange notion. We are democracy. So my Republican friends and someone democratic friends even occasionally say well if you can't get the votes by executive order to reduce. Things and can't do by executive order musher dictators were democracy we need consensus.

This transcript has been automatically generated and may not be 100% accurate.

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