2020 presidential candidate Joe Biden unveiled his economic plan, and called for an end to shareholder capitalism. Yahoo Finance's Jessica Smith joins the On the Move panel to discuss.
ADAM SHAPIRO: All of this has an impact on markets. All of this has an impact on what will happen on Capitol Hill. And that's why we invite into the program Jessica Smith for a roundup of what's going to potentially be a second stimulus, but also how presidential candidate Joe Biden says he would deal with the economic slowdown. Jessica.
JESSICA SMITH: Yeah, Adam, vice president Joe Biden says that President Trump has been too focused on Wall Street throughout this coronavirus pandemic. He made the comments yesterday when talking about his economic plan in Pennsylvania. Biden says while President Trump is focused on Wall Street, as president, he would be focused on working families.
President Trump did tweet earlier this week that if Biden were elected, 401(k)s would disappear and disintegrate. Biden was rolling out his Build Back Better plan yesterday. And part of that does include raising taxes on corporations. He's calling for a 28% corporate tax rates. That's higher than the current 21% rate, but lower than the 35% rate that was in place before the 2017 tax cuts. Biden says that would bring in hundreds of billions of dollars. Let's watch.
JOE BIDEN: It's way past time we put an end to the era of shareholder capitalism. The idea the only responsibility a corporation has is with shareholders. That's simply not true. It's an absolute farce. They have a responsibility to their workers, their community, to their country. That isn't a new or radical notion.
JESSICA SMITH: Vice President Pence was also in Pennsylvania yesterday, and he went on the attack, slamming Biden for wanting to raise taxes on businesses in the middle of a pandemic. Adam.
ADAM SHAPIRO: Jessica, we are in the middle of a pandemic-- a lot of people relying on that extra $600 a week in unemployment insurance benefits, but that expires at the end of the month. Where do we stand on a second stimulus-- or a fourth stimulus, actually?
JESSICA SMITH: Well, we expect lawmakers to really start negotiating in earnest when they get back from their Independence Day break. That should be the next couple of weeks here. And they're hoping to get something done by the first week of August. One of the issues that is up for debate is another stimulus check. And majority leader Mitch McConnell has floated the idea this week of giving a second check to people who make less than $40,000 a year.
You'll remember last time around, people who made $75,000 or less got the full $1,200 check. If you made more than that, it kind of phased out. So this is kind of the new negotiating point that we're hearing. We'll have to see what Democrats think about this. We know that Democratic lawmakers, and even President Trump, have been supportive of another check. So we'll see how this plays out in the coming days.