Biden vows to ‘end the era of shareholder capitalism’ if elected president

Presumptive Democratic presidential nominee Joe Biden has promised to transform America if elected — and he even offered a hint about what the nation might look like under a Biden administration.

According to Breitbart, the former vice president made his remarks during a speech in Pennsylvania on Thursday, where he revealed that he would support bringing an “end to the era of shareholder capitalism,” which he blamed for contributing to an unfair economy.

“It’s time corporate America pays its fair share in taxes,” Biden said.

“It’s way past time”

Biden recalled efforts by the Obama administration to marginally lower the corporate tax rate, but asserted that President Donald Trump’s plan went too far by reducing the rate to 21%. He said he would raise that number to 28%, promising to invest the “hundreds of billions of dollars” received through that tax increase to further stimulating the nation’s economic growth.

“It’s way past time to put an end to the era of shareholder capitalism,” Biden added, according to Breitbart. “The idea the only responsibility a corporation has is to shareholders. That’s simply not true, it’s an absolute farce. They have responsibility to their workers, to their community, to their country. That isn’t new or radical notion.”

Of course, such a plan would necessitate a huge shift away from Wall Street, which Biden cited in his criticism of Trump.

“Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq,” Biden said, according to CNBC. “Not you. Not your families.”

“They don’t need me”

He promised voters that if he is “fortunate enough to be elected president,” he would be “laser-focused” on middle-class and working families.

“I came from here in Scranton,” Biden added. “Not the wealthy investor class. They don’t need me.”

While Trump does spend time interpreting stock market trends, such fluctuations do serve as an imperfect barometer of economic activity. Additionally, these changes can have a real impact on the financial stability of millions of Americans with investments. The president has argued that the economy would be in jeopardy if Biden were elected in November.

Trump tweeted Monday:

If you want your 401k’s and Stocks, which are getting close to an all time high (NASDAQ is already there), to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden. Massive Tax Hikes – They will make you very poor, FAST!

The economy is one of several issues on which the two leading presidential candidates share opposing views. It will be up to voters to determine which path is best for the nation and its economy.

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