Joe Biden Set To Completely Get Rid Of Bulk Of Trump’s Tax Cut.

Presumptive Democratic nominee Joe Biden made a shocking revelation to his potential donors to his campaign stating clearly that he would get rid of most of President Trump’s tax cuts, even though most Americans might not like the idea.

Biden’s announcement to his supporters came as he laid out his policy goals during a campaign on Monday.

“Folks, this is going to be really hard work and Donald Trump has made it much harder to foot the bill, But even before the crisis, his irresponsible sugar-high tax cuts had already pushed us into a trillion-dollar deficit, and imagine what we could do now if we weren’t in that circumstance.

I’m going to get rid of the bulk of Trump’s $2 trillion tax cut, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden told his potential supporters.

He also stated his plans to raise corporate tax to 28%, which was initially 20%.

The deficit for fiscal 2020 is expected to hit $3.8 trillion. Even before the outbreak of the coronavirus pandemic, the space between the expenses by the government and what it collects was get to $1 trillion according to the Congressional Budget Office.