Biden: No New Taxes for Anyone Who Makes Under $400,000 a Year

During his campaign stop in Miami, Florida yesterday, Presidential candidate Joe Biden said his financial plan would create 18.6 million jobs.

Yesterday, during a campaign stop in Miami, Florida, presidential candidate Joe Biden made it clear to the American public that he will only raise taxes on the wealthy. 

“Here’s how my plan works. I’m not going to raise taxes on anyone who makes less than $400,000 a year—you won’t pay one penny more,” the former vice president said. 

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The Democratic contender addressed several issues that Floridians, particularly Latinos, are currently facing amid the pandemic and economic fallout. He said his financial plan would create 18.6 million jobs and $1 trillion more in economic growth than President Donald Trump’s plan. Biden said his tax increase would be strictly for big corporations and the wealthy. 

“The money we raise will allow me to invest in working people and growing the middle class and advancing racial equity across the economy to make sure everyone is included in the deal,” Biden said.

Biden spoke about how the Latino community has been devastated by COVID-19 and the economic crisis. He noted the infection rate for Latinos is almost three times higher than among white, non-Latinos and that more than 36,000 Latinos have died from COVID-19. In Florida alone, 37% of deaths from COVID-19 were Latino. 

Biden also explained how Latinos are being affected by the economy’s downturn, including that almost 3 million Latinos are unemployed, many of whom are small business owners. One in three Latino small business owners may have to close their doors permanently.

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“Some economists are calling this a ‘K-shaped’ recovery,” Biden explained. “It means that those at the top keep going up, while everyone in the middle and below are seeing things get worse. It means that essential workers—so many of whom are Hispanic, who have sacrificed to keep us going through the pandemic—are being left behind by the most unequal recovery in modern history.”

Biden has previously been criticized for not doing more to reach out to Latino voters. Yesterday’s visit to Miami marks his second trip to Florida in less than a month. 

During a fundraiser on September 25, Dr. Jill Biden spoke about the importance of the Latino vote and mentioned that her husband had become closer to the community through his viable proposals.

“Now, I know that our party hasn’t always done enough to earn the Latino vote,” Jill said. “We’ve taken it for granted at times, but you matter to this campaign. Joe has always stood with the Latino community, and he understands that you want what we all want: a plan to get past this pandemic and protect our families and our communities.”