President Joe Biden is taking a strong stance against his predecessor’s tax policies, vowing to prevent a repeat if re-elected.
What Happened: On Thursday, Biden criticized former President Donald Trump‘s tax cuts, which he claims primarily benefited the wealthy and major corporations. Biden stated that the tax cuts increased the national debt more than any other president’s term. Biden promised to put a stop to this with the voters’ support in the upcoming election, as per his post on social media platform X.
Why It Matters: This post comes amid a tight election race, with Biden and Trump as the key contenders. The two have been at odds over various issues, including the economy and tax policies.
Earlier in March, Biden’s Budget was released, aiming to reduce the federal deficit by $3 trillion over the next decade through higher taxes on major corporations and the wealthiest individuals. This move was seen as a step towards tax equity and a way to make healthcare, childcare, and housing more affordable for American families.
Despite these efforts, Biden has been under pressure from the opposition, with Republicans using the term “Bidenomics” to criticize his economic policies. Biden has quietly stopped using this term in his speeches, indicating a shift in his approach to economic issues.
The upcoming election is expected to have significant market implications, with UBS predicting turbulence in the stock market due to the stark policy differences between the two candidates. This further underscores the importance of the candidates’ economic policies in the election.
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