October 21, 2020

Trump warns Biden’s tax plan would sink US economy into ‘depression’

If elected, Democratic presidential nominee Joe Biden would repeal President Trump’s tax cuts and raise taxes by the “largest percentage” in the country’s history, the president warned Thursday night.

“He wants to take all that away,” Trump told Fox News’ Sean Hannity during an exclusive “Hannity” phone interview with less than a month to go before Election Day.

“So therefore, if you do nothing else, you’re raising taxes by the largest percentage in the history of our country. If … he terminated my tax cuts, which is one of the reasons that our economy has done so great even now in this pandemic. … But he’s looking to do big, big tax cuts, big, big tax increases, like at a level that’s never been seen.”

Trump said Biden’s tax plans would be a “disaster” and would put the country into a “depression, the likes of which our country has never seen before. That possibly includes 1929.”

The president later tweeted about a new Gallup poll that found 56% of registered voters say they’re better off today than they were four years ago — even despite the pandemic.

PRESIDENT TRUMP JOINS ‘HANNITY’ IN AN EXCLUSIVE INTERVIEW 

Biden has proposed raising taxes on corporations and individuals making more than $400,000. His plan would raise the top income tax rate for individuals from 37% to 39.6%.

JOE BIDEN’S 2O2O TAX PLAN: THE MAIN POINTS 

Additionally, income above $400,000 would be subject to the 12.4 percent Social Security tax – split evenly between employees and employers. Currently, there is a wage cap of $137,700. Wages between those two ranges would not be taxed.

Biden also proposed capping itemized deductions at 28 percent of value for the wealthiest Americans.

Trump’s Tax Cuts and Jobs Act reduced the corporate tax rate to 21 percent, from 35 percent and Biden’s plan would raise it back up to 28%.

Biden would need to take both the presidency and the Senate to enact his plan.

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In the interview, Trump also talked about how good he feels since his coronavirus diagnosis a week ago and subsequent hospitalization and treatment, the vice presidential debate, whether he would debate Biden again and election security.

Fox Business’ Brittany De Lea contributed to this report. 

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