What the heck is Joe Biden talking about?
During a Q&A on Saturday in Washington, Iowa, the former vice president insisted all of his new government programs he has a way to “pay for.”
In an attempt to provide an example, he claimed people can make $50 million a year by “clipping coupons.”
“Everything I’m talking about, I pay for, doesn’t increase the deficit,” Biden claimed to the small crowd.
“For example, if we were to make sure that people who are— clip coupons for a living— we should reward work, not just wealth. If you’re clipping a coupon and that’s the basis for how you’re making all your wealth and you’re making 10, 20, 30, 40, 50 million bucks a year, you should pay at the tax rate you’re listed at,” he said.
“Not at 21 percent. That would raise $800 billion,” Biden insisted. “Cutting— that is what it would do.”
During an October debate, it was the first time Biden seemed to confuse the stock market with a super market.
When asked about taxes, Biden said he would “eliminate” the capital gains tax, before correcting himself, saying he would increase it to 39.5 percent, doubling it.
— Curtis Houck (@CurtisHouck) October 16, 2019
“I would eliminate the capital gains tax,” he said, “that, I would, I would raise the capital gains tax to the highest rate of 39.5 percent, I would double it, because guess what? Why in God’s name should somebody who’s clipping coupons in the stock market make, in fact, pay a lower tax rate than someone who, in fact, is, like I said, a school teacher and a firefighter. It’s ridiculous, and they pay a lower tax.”
Biden continued, “Secondly, the idea that we in fact engage in this notion that there’s 1 point— there’s 1 trillion, 640 billion dollars in tax loopholes. You can’t justify, at minimum 600 billion dollars of that.
“We can eliminate it all,” Biden contended. “I could go into detail if I had the time. Secondly, I mean thirdly, what we need to do is we need to go out and make it clear to the American people that we are going to.”