Biden mocks Trump Media share drop in broadside over tax plan

President Joe Biden lambasted Donald Trump’s economic platform in a broadside that included mocking the drop in shares of his political rival’s media company.

“If Trump’s stock in Truth Social, his company, drops any lower, he might do better under my tax plan than his,” Biden said Tuesday at a campaign event in his birthplace of Scranton in swing-state Pennsylvania.

Trump Media & Technology Group Corp., the parent of the former president’s social media platform, Truth Social, continued to slide Tuesday, extending losses after a sharp drop Monday. The shares soared last month as the company wrapped up a lengthy merger process, boosting Trump’s wealth as investors sought to show support for his reelection bid. But the stock has since slumped as the company took its first steps toward allowing Trump and other insiders to capitalize on their stakes.

Biden’s comments, timed to follow Tax Day, sought to highlight differences between his tax and economic agenda and Trump’s, according to Biden’s campaign. Trump oversaw tax cuts for the wealthy and corporations while in the White House. 

Biden is calling for a 25% minimum income tax for billionaires and for increasing the minimum tax paid by major US and multinational corporations — and says that under his plans, Americans making under $400,000 won’t pay more in federal taxes.

“President Trump has built multiple businesses including a global real estate empire, employed thousands of workers, and gave it up to serve the country he loves as president,” Karoline Leavitt, a Trump campaign spokeswoman, said in a statement.

The president contrasted his economic agenda with Trump’s, saying his policies were influenced by the lessons he learned growing up in Scranton, while Trump’s reflected the interests of the wealthy.

“When I look at the economy, I don’t see it through the eyes of Mar-a-Lago, I see it through the eyes of Scranton,” Biden said, referencing Trump’s estate in Palm Beach, Florida.

“He and his rich friends embrace the failed trickle-down policies that have failed working families for more than 40 years,” Biden continued. “Scranton values or Mar-a-Lago values? These are the competing visions for our economy that raise questions of fundamental fairness at the heart of this campaign.”

Biden’s campaign is seeking to capitalize on Trump’s absence from the trail. Trump is in New York for a trial over alleged hush money payments, the first of four criminal cases he faces in an unprecedented situation for a former president. Trump’s legal woes have united Republicans behind him but threaten to be a distraction in the general election.

Steel deal

Biden’s economic message is being tested in Pennsylvania, where Nippon Steel Corp.’s contentious deal for United States Steel Corp. — headquartered in Pittsburgh — has rankled union allies and where persistent unease over the state of the economy has magnified voter concerns about his agenda.

Biden on Wednesday will meet with some 200 steelworkers in Pittsburgh, speaking at the historic headquarters of the United Steelworkers, which is seeking concessions from Nippon Steel.

During a press conference with Japanese Prime Minister Fumio Kishida last week, Biden reiterated his support for U.S. workers who oppose the deal but stopped short of again calling for the company to remain American—owned. 

White House press secretary Karine Jean-Pierre told reporters Tuesday that Biden is committed to steelworkers. “He’s a union guy,” she said.

Trump has vowed to block the sale. Navigating the situation is a particular challenge for Biden, who has won support from major union leaders but faces a tougher task courting rank-and-file labor workers.

Key battleground

Trump carried Pennsylvania in 2016 before Biden narrowly flipped the state in 2020 to clinch the presidency. 

Even though data show positive signs for the economy, Biden has struggled to translate that into gains with voters. A March Bloomberg News/Morning Consult poll showed Biden and Trump tied in Pennsylvania with 45% support each. The poll, which surveyed voters in seven swing states, found that even though they saw a brightening economic picture, they trusted Trump more on kitchen-table issues.

“Pennsylvania families are suffering from historic inflation, unaffordable gas prices, and record high housing costs. It’s no wonder why Pennsylvanians will vote to make America affordable again and elect President Trump in November,” Republican National Committee Chairman Michael Whatley said in a statement.

White House officials point to a boom in manufacturing jobs and investment and say wages are growing faster than prices. 

Still, Biden’s challenges in Pennsylvania are a troubling sign for Democrats. A crucial Senate contest this year is expected to pit Democrat Bob Casey Jr. against Republican challenger David McCormick, the former hedge fund executive who has Trump’s backing.