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."
When pressed by World News Tonight anchor David Muir about raising taxes on some people, Biden said it's smart to "tax businesses that are in fact making excessive amounts of money and paying no taxes." That's what the Obama administration did after the 2008 recession, Biden said, which led to an 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."
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