Trump: Biden candidacy is 'biggest headwind' against market growth

Trump: Biden’s tax plan will cause the market to crash

President Trump says if presumptive Democratic nominee Joe Biden wins the presidential election, Biden will raise taxes by $4 trillion and ‘the markets will crash.’

President Trump touted the stock market's sharp recovery after a severe downturn due to the coronavirus pandemic, but warned that the biggest obstacle standing in the way of continued growth is none other than his presumptive November opponent Joe Biden.

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In a Thursday morning interview with FOX Business' Maria Bartiromo, Trump said that the possibility of Biden defeating him in November is enough to cause economic trepidation.

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"He is an overhang. You know, having Joe Biden is a big overhang. Even on the numbers that you put up every day that are so good, there's an overhang because if he got in the numbers would go down thousands of points if he ever won the election," Trump said.

While the president expressed confidence that he will beat Biden in November’s election, he recognized that victory is not guaranteed, which is why the market is not doing even better than it has been.

"Certainly there's a chance that could happen," he said of a Biden victory, "and that's holding back. That's a headwind that’s holding back the market."

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Biden's running mate Sen. Kamala Harris, D-Calif., said Wednesday that Trump was responsible for running the economy “straight into the ground.” Trump said that until now, "even the radical left crazies" did not blame him for the downturn caused by the pandemic.

Trump then repeated his assertion that Biden was his "biggest headwind" in terms of the market, and made dire predictions for what could happen if Biden wins the presidency.

"Because everyone knows that if Biden gets in this market's going to crash," Trump said. "He's going to build regulations and his taxes, he's going to tax people $4 trillion. $4 trillion. That will destroy this economy, the likes of which nobody’s seen before.”

Trump said that Biden will impose severe tax increases to pay for the Green New Deal, which he described as being “drawn by children.”

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Later in the interview, Trump said that Biden would “tax this country into a depression like in 1929.” Meanwhile, Trump promised that if he is reelected he will cut capital gains taxes to 15% in his second term.

This is far from the first time that Trump has warned of an economic downturn if Biden wins.

"You'll have a crash like you've never seen before," Trump said in July, warning against potential Democratic tax hikes. "You put the wrong person in office, you'll see things that you would not have believed were possible."

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