Dec 4, 2019

Joe Biden unveils $3.2 trillion tax plan

Photo: Scott Olson/Getty Images

2020 candidate Joe Biden on Wednesday unveiled a plan to raise $3.2 trillion over a decade from tax increases in order to pay for his climate and health care proposals, Bloomberg reports.

Why it matters: Biden's plan demonstrates the political divide within the Democratic Party. His plan is markedly different from the aggressive tax measures pitched by Sens. Elizabeth Warren and Bernie Sanders, who want to raise around $20 trillion in new taxes over the next decade.

Details: Biden's plan would bump corporate taxes from 21% to 28% — still well below the 35% corporations were paying before Republican's 2017 tax cut. His campaign estimates that this would produce $730 billion in tax revenue over a decade.

  • It would also raise an estimated $800 billion over a decade from taxing capital gains as ordinary income for taxpayers with more than $1 million in income.
  • The plan also caps tax breaks for the wealthy at 28%, which he says would collect an estimated $310 billion in 10 years. It includes $400 billion in tax revenue from a 15% minimum corporate tax on companies that report a net income of more than $100 million.

What they're saying: "We have found smart and effective ways to pay for the bold changes the vice president is proposing‚" Biden's policy director Stef Feldman said, according to the Washington Post.

The big picture: Biden has already proposed a $1.7 trillion climate and infrastructure plan, a $750 billion health care plan and a $750 billion higher education plan, Bloomberg reports.

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Protests for George Floyd continue for 10th day

Thousands of protesters march over the Brooklyn Bridge on June 4 in New York City. Photo: Angela Weiss/AFP via Getty Images

All four former Minneapolis police officers have been charged for George Floyd’s death and are in custody, including Thomas Lane, J. Alexander Kueng and Tou Thao, who were charged with aiding and abetting second-degree murder and aiding and abetting second-degree manslaughter.

The latest: Crowds gathered in Portsmouth, New Hampshire on Thursday evening and in Atlanta, Georgia, despite the rain. Atlanta Mayor Keisha Lance Bottoms joined demonstrators on Thursday. Demonstrators in Washington, D.C. dispersed following a thunderstorm and rain warning for the region.

Trump says he will campaign against Lisa Murkowski after her support for Mattis

Trump with Barr and Meadows outside St. John's Episcopal church in Washington, D.C. on June 1. Photo: Brendan Smialowski/AFP via Getty Images

President Trump tweeted on Thursday that he would endorse "any candidate" with a pulse who runs against Sen. Lisa Murkowski (R-Alaska).

Driving the news: Murkowski said on Thursday that she supported former defense secretary James Mattis' condemnation of Trump over his response to protests in the wake of George Floyd's killing. She described Mattis' statement as "true, honest, necessary and overdue," Politico's Andrew Desiderio reports.

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The president vs. the Pentagon

Trump visits Mattis and the Pentagon in 2018. Photo: Brendan Smialowski/AFP via Getty

Over the course of just a few hours, President Trump was rebuffed by the Secretary of Defense over his call for troops in the streets and accused by James Mattis, his former Pentagon chief, of trampling the Constitution for political gain.

Why it matters: Current and former leaders of the U.S. military are drawing a line over Trump's demand for a militarized response to the protests and unrest that have swept the country over the killing of George Floyd by police.