When “Sleepy Joe, President’s Trump’s epitaph for former Vice President Joe Biden, accepted the Democrats nomination to run for president on the final night of the party’s national convention, he proved he may not be so sleepy.
One Wall Street executive said that he and others will be pointing out that Biden wasn’t channeling the party’s left-wing, and he knows that progressive policies like defunding the police are crazy.
“It takes away the notion that he’s “Sleepy Joe,’” one of Biden’s top Wall Street advisers said in assessing the former Vice President’s acceptance speech.
The centrist tone will help Biden appeal to moderate voters, and help raise big money from financial firms and executives, who want to support the front runner but worry about the Democrats leftward drift.
Although tax increases didn’t come up in the speech, they will be part of Biden’s home stretch game-plan, and will likely be framed in terms of “tax fairness,” sources tell 360aproko. Biden wants to zero in on deductions that help the real estate business, and he’s expected to pound that home. He will also seek increases in capital gains and carried interest deductions that could be phased out particularly if the Democrats take the senate.
“He is serious about higher business and capital gains taxes. And ending real estate tax breaks, like 1031 exchanges. That is huge,” the executive told 360aproko referring to an Internal Revenue Service, that allows a seller of a property to avoid paying taxes on equity gains from the sale if the proceeds are reinvested in a similar property.
Meanwhile, after the DNC, Biden fundraisers are predicting that they will now break all sorts of records this month. And the knockout blow to Trump could come after Biden holds his own in the debates, exceeding low expectations as he did in Thursday’s speech, and funding an October ad blitz that could help seal Biden’s victory and allow the Democrats to pick up seats in the House and possibly win a majority of seats in the Senate
