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Biden Vows to Roll Back Trump’s Tax Cuts if Elected

Pompeo Urges UN Arms Embargo on Iran’s ‘Terrorist Regime’

Calling Iran “the world’s most heinous terrorist regime,” U.S. Secretary of State Mike Pompeo urged the UN Security Council on Tuesday to extend the UN arms embargo against Tehran, which expires in October, and reject “extortion diplomacy.” Iran’s Foreign Minister Mohammed Javad Zarif countered calling President Donald Trump’s administration “an outlaw bully” that is waging “economic terrorism” on his country to satisfy domestic constituencies and “personal aggrandizement.” He called for the United States to compensate the Iranian people for the damage and vehemently opposed any extension of the arms embargo, warning that Iran’s options “will be firm” if it is maintained and the United States will bear full responsibility. The United States has circulated a draft Security Council resolution to extend the arms embargo indefinitely, and Pompeo said the United…

Biden Vows to Roll Back Trump’s Tax Cuts if Elected

Former Vice President Joe Biden promised to roll back tax cuts enacted by President Donald Trump if he’s elected president.

“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped up basis,” Biden, 77, the presumptive Democratic presidential nominee, told people during a virtual fundraiser this week.

Biden also said he’d raise corporate tax, currently at 20 percent, to 28 percent, which he said would raise some $1.3 trillion over 10 years.

“We have a lot to do and we have a lot of other things we’re able to do—cap deductions and sanction tax avoidance etc. We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together. But I think the country is ready,” he continued.

“I think people are ready to do things that they weren’t before and I think we can significantly grow the economy, grow the GDP, but also do it in a way that we provide dignity for people,” Biden added.

Biden Vows to Roll Back Trump’s Tax Cuts if Elected President Donald Trump participates in a meeting at the White House in Washington on June 26, 2020. (Drew Angerer/Getty Images)

Attendees of the fundraiser included Jane Hartley, the former U.S. ambassador to France and the chairman of Sesame Workshop; Blair Effron, founder and partner of Centerview Partners; and Deven Parekh, managing director of Insight Partners.

Roger Altman, founder and senior chairman at Evercore, who helped moderate, told Biden, “I think I can speak for virtually everyone on this call by saying we would agree with that agenda, including those tax changes.”

Trump, a Republican who is running for reelection, signed the Tax Cuts and Jobs Act into law late December 2017.

The bill reduced the individual income rate, cut the corporate income tax rate, and doubled the child tax credit, among other things.

The cuts led to the average American paying about 25 percent less in taxes, according to data from H&R Block.

Democrats have opposed the cuts and any future cuts, arguing they’re contributing to a rising national deficit.

Follow Zachary on Twitter: @zackstieber

Focus News: Biden Vows to Roll Back Trump’s Tax Cuts if Elected

UK Offers Path to Citizenship to 3 Million Hongkongers After China Imposes National Security Law

LONDON鈥擳he United Kingdom said China’s imposition of a security law on Hong Kong was a “clear and serious” violation of the 1984 Joint Declaration and that London would offer around 3 million residents of the former colony a path to British citizenship. Hong Kong police fired water cannons and tear gas and arrested nearly 200 people as protesters took to the streets in defiance of sweeping security legislation introduced by China that they say is aimed at snuffing out dissent. “The enactment and imposition of this national security law constitute a clear and serious breach of the Sino-British Joint Declaration,” Prime Minister Boris Johnson told parliament on July 1. Britain’s Prime Minister Boris Johnson leaves 10 Downing Street in London, UK, on June 23, 2020. (Toby Melville/ Reuters)Johnson said Britain…