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

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

“He wants to get all of that off,” Trump told’ Sean Hannity during an exclusive telephone interview with “Hannity” with less than a month to go by Election Day.

“So, if you do nothing more, you are raising taxes by the highest percentage in our country’s history. Yes… he ended my tax cuts, which is one of the reasons our economy has performed so well even now in this pandemic. … But he’s looking to make big tax cuts, big tax increases, at a level that has never been seen. “

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

The president later tweeted about a new Gallup poll that found 56% of registered voters say they are doing better today than four years ago, even despite the pandemic.

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

Additionally, income over $ 400,000 would be subject to the 12.4 percent Social Security tax, divided evenly between employees and employers. Currently, there is a salary cap of $ 137,700. Salaries between those two ranges will not be taxable.

Biden also proposed limiting itemized deductions to 28 percent of the value for the wealthiest Americans.

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

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

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

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