Last night, President Trump and former VP Joe Biden squared off in the first presidential debate, a pared-down event with a mini audience, no handshakes, and countless interruptions from the president. It was chaotic.
What they said (about business)
Covid-19: Trump claimed the U.S. is “weeks away from a vaccine” and pharma companies could move faster, but politics are slowing things down. Biden accused Trump of going against the scientists in his administration who have laid out a longer timeline.
Recovery: “You can’t fix the economy until you fix the Covid crisis,” Biden said, adding that Trump is not taking appropriate measures to stop the outbreak. Biden also expressed concerns about a “K-shaped” recovery in which top earners recover while working-class families are left behind.
Taxes: Under Biden’s economic plan, Trump argued higher corporate taxes would push businesses to leave the country, causing “a depression of the likes you’ve never seen.”
- On personal taxes…following the bombshell NYT report on Trump’s tax returns, Biden and his running mate Kamala Harris released their 2019 tax returns hours before the debate. Biden and his wife, Jill, paid close to $300,000 in federal taxes on $945,000 in taxable income last year.
The big non-business news: Trump refused to categorically denounce white supremacy when asked to by moderator Chris Wallace.
Via Morning Brew