In an ABC “World News Tonight” interview Democratic presidential nominee Joe Biden told the interviewer, “I will raise taxes for anybody making over $400,000,” adding, “no new taxes” would be raised for anyone making under $400,000.
“Is it smart to tax businesses while you’re trying to recover?” the interviewer asked.
“It’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes,” Biden replied.
“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.”
Market implications
The elections are now starting to take a front seat in the forex market at a time where the coronavirus is taking a huge toll on the lives of the US population for which more than 30 million Americans currently on unemployment.
Taxes are therefore high up on the electorate’s agenda when it comes to voting.
Biden has been leading in the polls and markets may struggle with the uncertainty of a new administration.
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