Trump pushes tax cuts in speech to economic clubs as Biden’s polling lead in swing states grows

President Donald Trump

Agence France-Presse/Getty Images

President Donald Trump on Wednesday spoke about his economic agenda as Joe Biden’s polling lead in swing states was growing, with 20 days remaining until both face voters on Election Day.

Trump spoke from the White House Rose Garden to the Economic Clubs of New York, Florida, Washington, D.C., Chicago, Pittsburgh and Sheboygan, Wis.

Florida, Pennsylvania and Wisconsin are all battleground states this election season, with Trump trailing Biden in polls of voters in all three, and Trump cast the election as “a choice between a socialist nightmare and the American dream.” As of Wednesday, Biden enjoyed a five-point advantage over Trump in polls of top battleground states

Now read: Here’s how key swing states are leaning in the presidential race — and how they’re weathering the recession.

The president unleashed familiar attacks on Biden and Democrats during the event, charging that “the economy will be destroyed” under policies including a $4 trillion tax increase. Biden is proposing between $3 trillion and $4 trillion in tax increases over 10 years, but has said he would start individual increases on incomes above $400,000 a year. Trump promised during the speech he’d deliver a middle-class tax cut if he’s re-elected, as well as further corporate cuts.

Data point

Polling avg. in top swing states

Biden +5 as of Wednesday vs. Biden +4.6 a week ago

National polling avg.

Biden +9.2 as of Wednesday vs. Biden +9.7 a week ago

Betting markets

Biden 65.6%, Trump 34.8% as of Wednesday vs. Biden 64%, Trump 35.4% a week ago

S&P 500
-0.8% Wednesday, +2.9% in 1 month

CBOE Volatility Index
+1.3% Wednesday, +1.5% in 1 month

Sources: RealClearPolitics, FactSet

Biden, meanwhile, was attending a finance event on Wednesday, as both he and Trump looked forward to town halls with voters on Thursday night. The town halls are taking the place of a scheduled debate between the two candidates, after Trump objected to its format.

Also read: Trump raised 5 times as much money from America’s top CEOs as Biden.

Polling average for top swing states

Source: RealClearPolitics

U.S. stocks
on Wednesday gave up early gains, as investors digested earnings reports and monitored lawmakers’ deliberations over coronavirus aid.

Coronavirus update: U.S. death toll nears 216,000 as Midwest and Mountain West cases start to stretch hospital capacity.

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