President Trump took aim at presumptive Democratic nominee Joe Biden on Friday, slamming his challenger's proposal to pay for a $700 billion economic-revival plan with a slew of new taxes on the wealthy and corporations.
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"He's raising taxes, way too much, he's raising everybody's taxes," Trump told reporters outside the White House. "He's also putting tremendous amounts of regulation back on. And those two things are two primary reasons that I created the greatest economy we've ever had. And now we're creating it again."
Trump's comments came one day after Biden outlined details of a comprehensive agenda to boost job growth and manufacturing, including calling for a $400 billion, four-year increase in government purchases of U.S.-based goods and services plus a $300 billion investment in new research and development in American technology firms. He reiterated previous vows to raise the federal minimum wage to $15 per hour and strengthen workers' collective bargaining rights.
“Enough is enough,” Biden said Thursday. “It’s time to reverse the priorities in this country. It’s time to help small businesses, middle-class folks, manage their way through the pandemic.”
Biden's campaign told The Wall Street Journal that his previously released tax plan would offset the new spending. The former vice president has pledged to raise the corporate tax rate from 21 percent to 28 percent, which he said is projected to raise $1.3 trillion over the next decade, and to raise the top individual income tax rate for those with incomes above $400,000 from 37 percent to 39.6 percent.
Biden has also floated the possibility of capping deductions -- Trump substantially increased the size of the standard tax deduction in 2017 -- and sanctioning companies for tax avoidance.
The Trump administration permanently slashed the corporate tax rate from 35 percent to 21 percent with the passage of the 2017 Tax Cuts and Jobs Act.
The most recent Fox News national poll, conducted two weeks ago, found Trump's approval rating is at 44 percent. But voters were more likely to approve of how the president has handled the economy, at 49 percent approval.
A separate poll conducted by USA Today/Suffolk University at the end of June showed that voters believe Biden would do a better job handling every issue except the economy.