Biden to raise taxes on wealthy, guarantees those who make less than $400,000 won't 'pay a penny more'

Joe Biden said in an interview Sunday he plans to right "the tax code" and increase taxes on the wealthy to help pay for his proposed several trillion dollars in new spending over the next decade.

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"You got billionaires in this country making $700 billion during this [coronavirus] crisis. $700 billion," Biden told "60 Minutes" correspondent Norah O'Donnell.

Biden previously said he would undo President Trump's tax cuts for corporations and wealthy Americans. The former vice president added that he would raise the corporate tax rate by 7% and raise taxes on people earning more than $400,000 a year.

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Democratic presidential candidate former Vice President Joe Biden speaks at a campaign stop at Bucks County Community College, Saturday, Oct. 24, 2020, in Bristol, Pa. (AP Photo/Andrew Harnik)

On Sunday, he said no one making less than $400,000 would pay "a penny more" under his proposal.

"That's a guarantee, a promise. I give you my word as a Biden. That's an absolute guarantee," he added.

Biden has previously deemed increasing taxes as a "moral issue" and the best way to begin minimizing the wealth inequality in America that he believes has been exacerbated by the Trump administration’s rollback on taxes.

O'Donnell questioned whether it was a good idea to raise taxes when the U.S. economy is already severely impacted during the pandemic.

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"Depending who you're raising them on," Biden responded. "Look, if you're raising 'em on somebody who's makin' $1 billion a year, it's not a problem that they pay 39.6%, which everybody should pay, raise another $90 billion."

Biden also spoke out on whether the tax cuts would end up sending American jobs overseas, which he said was already happening under the Trump administration.

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He's sending 'em overseas already," Biden added. "Take a look at what's happened. We have a trade deficit that's larger with China than when we were there."

Fox Business's Lydia Moynihan and Charlie Gasparino contributed to this report