Biden To Hike Corporate Tax If Elected President

Democratic U.S. presidential contender Joe Biden made a scathing attack on President Donald Trump’s economic policies and accused him of serving the rich and ignoring the American middle class.

Biden was addressing voters in the key battleground state of Pennsylvania on Wednesday.

Company tax will be hiked to 28 percent

Blasting Trump for squandering a strong economy left behind by former President Barack Obama, Biden fumed at Trump for slashing corporate tax rates and warned he would hike company tax if elected President.

According to Biden, he would raise the U.S. corporate tax rate to 28 percent from the current 21 percent. The GOP tax law in 2017 slashed the rate from 35 percent to 21 percent.

“The wealthy didn’t need the tax cuts in the first place. The corporations have spent them on stock buybacks,” Biden said.

The front runner said Trump’s tax plan only benefited richer Americans and corporations and diluted Obama administration rules that protected workers.

Biden alleged that Trump’s policies have not boosted prosperity for the middle class despite the statistics.

“If you’re going to restore the middle class, you’re going to need to start to reward work again, not just wealth,” Biden said.

Biden feels the middle class is “in trouble.” Noting the middle class "built this country yet they’re in trouble" and is lacking healthcare and struggling to pay bills.

Biden said Donald Trump is incapable of understanding that problem as he lacks empathy. The meeting was in Biden’s home town Scranton where he grew up. The state is also famous for the Pennsylvania lottery.

Trump campaign says Biden is ‘out of touch’

Meanwhile, Erin Perrine, a spokeswoman for Trump campaign rebutted Biden’s charges and said the former VP is “out of touch with the American middle class.”

“Under the Trump Administration workers are thriving, unemployment has hit record lows, wages are rising and all while taxes have been cut across the board - benefiting all Americans,” she said.

Trump’s campaign harps on economic issues and projects a feel-good factor among people in terms of growth in jobs and cites lower unemployment rates during the longest U.S. economic expansion on record.

But Biden is trying to fish into the reported resentment among voters over economic inequality, slowing growth and a potential recession from fading benefits of the 2017 tax cut and tariffs on Chinese imports that are hurting American farmers and manufacturers.

Biden also pitched for a broader public health-care option that would reduce costs for middle-class Americans, and promised to improve public education and cut college costs to improve job opportunities.

The former VP had said his tax plans will raise resources from high-income earners. For example, the marginal tax rate on the highest earners will be restored to 39.6 percent from 37 percent, which was slashed by Republicans’ 2017 tax bill.

Meanwhile, Trump news said President Trump used a state-organized energy conference in Pittsburgh, Pennsylvania Wednesday to attack Democratic Party for the impeachment inquiry in the House.

But Trump also highlighted his administration's accomplishments in the energy and manufacturing sectors.