Fox Business correspondent suggests Trump attack Biden for suggesting that taxes will go up for “higher-income people”
Charlie Gasparino: “Dismantling the entire Trump tax agenda, which was lower taxes for higher-income people, and much lower corporate income tax ... these issues are something that could be very fertile ground for Donald Trump to attack"
Published
Citation From the June 30, 2020, edition of Fox News’ Your World with Neil Cavuto
NEIL CAVUTO (HOST): I want to go right now to Charlie Gasparino, because an issue that did not get as much coverage today, when Joe Biden was making his remarks, are his plan to raise taxes. Because no matter where you are right now, taxes are going to go up. And whether you love Joe Biden, or you love Donald Trump, or you hate Joe Biden — you get the drill — invariably, taxes will go up. And that is something that is indisputable — Joe Biden himself indicating that with fundraisers last night, who he acknowledged would not welcome that, but that he's got to do that. So, Charlie, what kind of taxes are we talking about?
CHARLIE GASPARINO (FOX BUSINESS SENIOR CORRESPONDENT): I think he underplayed how many taxes he will raise, and how much regulations going to go on. If Joe Biden becomes president, it will be — he will probably be on an agenda that's much more progressive than even Obama — President Obama, who he served with, he was the vice president — that President Obama enacted.
I mean, we're talking about massive regulations, we're talking about dismantling the entire Trump tax agenda —which was lower taxes for higher-income people, and much lower corporate income tax. We're talking about massive amounts of regulation. Elizabeth Warren, Neil, will have a say in this new administration on various regulatory policies, maybe even tax policy. She might even be the treasury secretary, we don't even know, she's going to get something if he becomes — this is all presupposing he becomes president, it's a long time for that.
And these issues are something that could be very fertile ground for Donald Trump to attack, if he does when — during the debates. Because let me tell you something, Neil, to raise taxes massively, coming out of this recession, to ramp up regulation massively, coming out of what we're going through with a pandemic — which wasn't Donald Trump's fault. I mean, it was handed to him. You could debate whether he did a good job handling it. But, you know, the lockdowns were not Donald Trump's fault. They had to happen.
But to sort of stymie the economy, through massive government programs of regulation and taxes, it's probably not a smart thing to do. It will have an impact on the market. It's not having an impact now, it's because we're not close to it yet. But I can tell you, I know for a fact because I've been reporting this out for the last week, Wall Street brokerage firms are starting to get worried about how they're going to address the Biden economic agenda, how they're going to break it to their investors, “Hey, guys, and gals, this is how you have to arrange your portfolio, because certain companies are going to get crushed on this because they're going to get much higher taxes.”
By the way, Joe Biden gets in there, the breakup of Big Tech, which — I know the Trump administration's making noises in that direction, going after Google, there's an active investigation of Google. There will probably be some sort of case against Google, we don't know how far-reaching it is. But if Joe Biden gets in there, and Elizabeth Warren has his ear, well guess what? They're going to attempt to break up Big Tech. And this all presupposes if Donald Trump — if Joe Biden wins, that the Senate goes to the Democrats which it will likely. And that gives him a pretty clean slate to do what he wants.
This is something investors really need to worry about. They should be talking to their financial advisers right now, because it is an issue that's going to come — that if the polls stay this way, and we're in the Fall, it's something that's going to — you're going to have to decide on what to do. Back to you, Neil.
CAVUTO: All right, Charlie Gasparino, thank you very much. And to Charlie's point, it's how people are feeling about this, and the prospects of polls in the Fall, that's when it comes closer to sticking. Markets are not really envisioning one thing or the other here. As I always like to say, markets aren't red or blue, they're green. They like making money. They made a lot of it under Bill Clinton, the Democrat. They've been making a lot of it, even with the gyrations this crazy year, under Donald Trump. So jarring that would be jarring to them.