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Biden on raising taxes: 'No new taxes' for anyone making less than $400,000

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Posted at 7:42 AM, Aug 24, 2020
and last updated 2020-08-24 07:45:09-04

In the first joint interview with Democratic presidential nominee Joe Biden and his running mate Sen. Kamala Harris, the former vice president told ABC “World News Tonight” anchor David Muir that everybody should pay “their fair share."

“I will raise taxes for anybody making over $400,000,” Biden told Muir, adding, “no new taxes” would be raised for anyone making under $400,000.

Tax policy is taking on additional significance for the 2020 presidential election, with the economic crisis inextricably tied to the pandemic, and more than 30 million Americans currently on unemployment.

Although Biden has been leading in the polls, polls also have shown that voters have greater confidence in President Donald Trump when it comes to the economy.

“Is it smart to tax businesses while you're trying to recover?” Muir asked.

“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, adding that his work, at the time, with then-President Barack Obama, led to economic recovery, “with the largest, the most consecutive number of months of growth in jobs of any time in history. We did it the right way.”

“Look [at] what he's doing,” Biden continued, criticizing the president. “The money was supposed to go to help small businesses. You have one in six small businesses that have already closed. You're finding a situation that over 60% of the money -- only 40% of money for small businesses went to small businesses.”

When Muir pressed him on whether taxes would be raised on small businesses, Biden emphatically said, “No.”

“There will be no raising taxes” on the “90% of the businesses out there are mom and pop businesses -- that employ less than 50 people,” Biden responded.

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

Muir and "Good Morning America" co-anchor Robin Roberts conducted joint interviews with Harris and Biden -- their first since accepting the Democratic nomination -- which was featured in a special edition of "20/20" called "The Ticket: The First Interview," which aired Sunday on ABC.