SCRANTON, Pa. (Reuters) – Democratic U.S. presidential contender Joe Biden plans to tout his financial coverage credentials and double down on his assaults on President Donald Trump in a speech on Wednesday within the electoral battleground state of Pennsylvania.
FILE PHOTO: Democratic 2020 U.S. presidential candidate and former Vice President Joe Biden speaks at a marketing campaign city corridor assembly in Manchester, New Hampshire, U.S., October 9, 2019. REUTERS/Mary Schwalm
Biden, who faces a two-front struggle in opposition to the biggest Democratic subject in historical past in addition to Trump, will communicate in Scranton, the Rust Belt city the place he grew up, about “the center class values that information his imaginative and prescient,” his marketing campaign mentioned. The speech is scheduled for 10 a.m. (1400 GMT).
Biden, a number one contender within the Democratic race to tackle Trump within the November 2020 election, recommitted to elevating the U.S. minimal wage to $15 an hour from the present $7.25, in line with a press release launched on Tuesday.
“Donald Trump has had all the things given to him and spent his total life and presidency enriching himself,” mentioned Biden. “As president, Trump has not solely minimize taxes for the wealthiest Individuals and companies, however he has made it harder for low-income and center class staff to get what they’ve earned.”
Biden advised donors at a fundraiser in Exeter, Pennsylvania, on Tuesday evening that “as a substitute of spending cash on these ridiculous tax cuts for the tremendous rich,” America may spend money on curing most cancers or Alzheimer’s illness.
“But once more Joe reveals not simply how out of contact he’s with the American middle-class, however with actuality,” Trump marketing campaign spokeswoman Erin Perrine mentioned in a press release. “Below the Trump Administration staff are thriving, unemployment has hit file lows, wages are rising and all whereas taxes have been minimize throughout the board – benefiting ALL Individuals.”
SLEW OF DEMOCRATIC PROPOSALS
Biden has spent a lot of the previous a number of weeks attacking Trump for his overseas coverage and the president’s allegations, provided with out proof, concerning the overseas enterprise dealings of Biden’s son Hunter.
His focus is now turning to an financial file that Trump has touted, together with unemployment charges which have fallen to multi-decade lows. Biden’s assault comes as U.S. financial development slows, elevating fears of a recession as the advantages of a 2017 tax minimize fade and tariffs imposed on Chinese language imports harm American farmers and producers.
Democrats have unveiled a slew of financial proposals meant to spend money on future generations and reverse wealth and revenue inequality. Their most aggressive insurance policies embrace common revenue ensures and imposing federal taxes on wealth, not simply revenue.
Biden has sounded an analogous tone on inequality – saying repeatedly in marketing campaign occasions that “it’s time to reward work, not simply wealth” – however has stopped wanting supporting lots of the extra dramatic proposals within the Democratic subject.
He has additionally criticized his opponents, together with U.S. Senator Elizabeth Warren of Massachusetts and U.S. Senator Bernie Sanders of Vermont, for not being particular about how they might implement the wealth tax they assist or pay for his or her different proposals, together with a Medicare for All plan based mostly on the government-run medical insurance program for Individuals 65 and older.
However Biden has but to launch his personal full financial plan. He has mentioned he would pay for a $750 billion funding in increased schooling by elevating some inheritance taxes and limiting the tax credit obtainable to higher-income staff.
He has additionally mentioned he would pay for an growth of healthcare advantages by rising taxes on high-income earners’ funding earnings and elevating the marginal tax price on the very best earners again to 39.6% from 37%, to which it was lowered below the Republicans’ 2017 tax invoice.
Reporting by Trevor Hunnicutt; Modifying by James Oliphant and Peter Cooney