The former vice president said Donald Trump has been too focused on the stock market during his response to the coronavirus pandemic.
"Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq. Not you. Not your families," Biden said Thursday in a speech in Pennsylvania."There's a lot of room in tax policy to be both sensible and fair and to promote economic growth," said Jack Lew, a supporter of Biden and former Treasury secretary.
The former vice president, speaking at an event in Pennsylvania, said he wanted to end the "era of shareholder capitalism." Among the policies Biden described Thursday is a tax hike for corporations. His plans call for a 28% corporate tax rate, well above the 21% set byJack Lew, who served as Treasury secretary when Biden was vice president, said Thursday on "" that when the Obama administration discussed tax reform, a 21% rate was lower than even what business leaders were asking for and that the economy could withstand higher taxes.
The U.S. stock market sold off sharply beginning in late February as the coronavirus pandemic began to spread in the U.S. and Europe, before hitting its recent bottom on March 23.has rallied more than 40% with unprecedented support from the Federal Reserve and the CARES Act, which expanded unemployment benefits and provided other fiscal relief. The broad market index is still down more than 2% for the year.
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