VP debate excerpts – Vice President Joe Biden on taxes

Edited by Jenny Jiang

Excerpts from Vice President Joe Biden’s remarks on taxes at the vice presidential debate on Oct. 11, 2012:

MARTHA RADDATZ: OK, on to taxes. If your ticket is elected, who will pay more in taxes? Who will pay less? And we’re starting with Vice President Biden for two minutes.

JOE BIDEN: The middle class will pay less and people making $1 million or more will begin to contribute slightly more. Let me give you one concrete example. The continuation of the Bush tax cuts — we are arguing that the Bush tax cuts for the wealthy should be allowed to expire. Of the Bush tax cuts for the wealthy, $800 million — billion of that goes to people making a minimum of $1 million.

We see no justification in these economic times for those, and they’re patriotic Americans. They’re not asking for this continued tax cut. They’re not suggesting it, but my friends are insisting on it; 120,000 families by continuing that tax cut will get an additional $500 billion in tax relief in the next 10 years and their income is an average of $8 million.

We want to extend permanently the middle-class tax cut for — permanently, from the Bush middle-class tax cut. These guys won’t allow us to. You know what they’re saying? We say “let’s have a vote — let’s have a vote on the middle-class tax cut and let’s have a vote on the upper (ph) tax cut; let’s go ahead and vote on it.”

They’re saying no. They’re holding hostage the middle class tax cut to the super wealthy. And on top of that, they’ve got another tax cut coming that’s $5 trillion that all of the studies point out will in fact give another $250 million — yeah, $250,000 a year to those 120,000 families and raise taxes for people who are middle income with a child by $2,000 a year.

This is unconscionable. There is no need for this. The middle class got knocked on their heels. The great recession crushed them. They need some help now. The last people who need help are 120,000 families for another — another $500 billion tax cut over the next 10 years.



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