Biden’s Wall Street donors come alive after DNC speech

Sleepy Joe is awake, say big money donors, after accepting the party's nomination

“Sleepy Joe”, in accepting the party’s nomination on the final night of the DNC, proved he may not be so sleepy.

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“It takes away the notion that he’s “Sleepy Joe,’” said one of Biden’s top Wall Street advisers in assessing the former Vice President’s acceptance speech. This executive said that he and others will be pointing out that Biden wasn’t channeling the left-wing of the party and he knows that progressive policies like defunding the police are crazy.

The centrist tone will help Biden appeal to moderate voters but also help in raising big money from financial firms and executives, who want to support the front runner but worry about the leftward drift of the party. During the convention alone, Biden raised $70 million, according to a campaign update Friday evening.

Though tax increases didn’t come up in the speech, they will be part of his home stretch game-plan and will likely be framed in terms of “tax fairness,” sources tell FOX Business. Biden wants to zero in on deductions that help the real estate business, and he’s expected to pound that home. He will also seek increases in capital gains and carried interest deductions that could be phased out particularly if the Democrats take the senate.

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“He is serious about higher business and capital gains taxes. And ending real estate tax breaks, like 1031 exchanges. That is huge,” the executive FOX Business. A 1031 exchange, according to the Internal Revenue Service, allows a seller of a property to avoid paying taxes on any gains from the sale if the proceeds are reinvested in a similar or like property.      

Meanwhile, following the DNC, Biden fundraisers are predicting that they will now break all sorts of records this month. Meanwhile, the knockout blow to President Trump could come after Biden holds his own in the debates, exceeding low expectations as he did in Thursday’s speech, and funding an October ad blitz that could help seal Biden’s victory and also allow the Democrats to pick up house seats and possibly win the senate.

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