Biden said it's 'absolutely' OK to raise taxes during economic downturn

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Media goes wild over Trump, Biden dueling town halls

Presidential candidates face off on separate stages, networks; reaction from the 'Special Report' All-Star panel

Former Vice President Joe Biden defended his plan to repeal President Trump's tax cuts on the wealthy and said it's "absolutely" appropriate to raise taxes during a struggling economy.

During an ABC town hall Thursday night, Biden said about $1.3 trillion of Trump's $2 trillion tax cuts went to the top one percent of earners and he only wants to repeal the tax breaks for the wealthiest of Americans.

"That's what I'm talking about eliminating, not all the tax cuts that are out there," Biden said.

ABC's George Stephanopoulos asked Biden if it was "wise" to raise taxes when the economy is weak right now amid the coronavirus pandemic. 

"Absolutely," Biden said and then went on to cite a Moody's analysis of his tax plan saying it creates jobs and boosts the GDP.

Biden has said he doesn't want to raise taxes on Americans making under $400,000.