Biden promises no new taxes for small businesses, anyone making under $400,000

Joe Biden.
(Image credit: Olivier Douliery/AFP via Getty Images)

Democratic presidential nominee Joe Biden said on Sunday he believes everyone must pay "their fair share" of taxes, which is why if elected, he will "raise taxes for anybody making over $400,000."

During an interview with ABC News, Biden said there will be "no new taxes" for those earning under $400,000 or "90 percent of the businesses out there that are mom and pop businesses, that employ less than 50 people." Amid the coronavirus pandemic, the government must assist those small businesses with "the ability to reopen," he continued. "We have to provide more help for them, not less help."

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.