BIDEN SAYS HE’LL ELIMINATE CAP GAINS TAX — BEFORE SAYING HE’LL DOUBLE IT
When asked about taxes, Biden said he would “eliminate” the capital gains tax, before correcting himself, saying he would increase it to 39.5 percent, doubling it
During the Democratic debate tonight, former Vice President Joe Biden looked confused, and stumbled through answers.
When asked about taxes, Biden said he would “eliminate” the capital gains tax, before correcting himself, saying he would increase it to 39.5 percent, doubling it.
“I would eliminate the capital gains tax,” he said, “that, I would, I would raise the capital gains tax to the highest rate of 39.5 percent, I would double it, because guess what? Why in God’s name should somebody who’s clipping coupons in the stock market make, in fact, pay a lower tax rate than someone who, in fact, is, like I said, a school teacher and a firefighter. It’s ridiculous, and they pay a lower tax.”
Biden continued, “Secondly, the idea that we in fact engage in this notion that there’s 1 point— there’s 1 trillion, 640 billion dollars in tax loopholes. You can’t justify, at minimum 600 billion dollars of that.
“We can eliminate it all,” Biden contended. “I could go into detail if I had the time. Secondly, I mean thirdly, what we need to do is we need to go out and make it clear to the American people that we are going to.”
Biden said “we’re going to raise taxes on the wealthy, we’re going to reduce tax burdens on those who are not.”
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