By wplog

Published Thursday, Dec. 13, 2007 | 11:46 p.m.

Updated Thursday, Oct. 30, 2008 | 2:14 p.m.

(Editor's Note: Biden dropped out of the presidential race for the Democratic nomination, following a poor showing in the Iowa caucuses on Jan. 3, 2007, where he got only about 2 percent of the delegate. See a video of his explanation . See a video of his explanation on his campaign Web site. )

Biden's tax reform policy is based upon eliminating government over-spending and implementing a "pay-as-you-go" policy. The top two reforms on Biden's tax policy are to end the Iraq war and eliminate the Bush tax cuts for the nation's wealthiest one percent. Biden projects that both of these reforms would leave the country with an excess of $150 billion a year leaving him funds for homeland security, health care, No Child Left Behind, education and alternative energy investments. Just this past October, Biden spearheaded efforts to reverse the Bush tax cuts and give the breaks to the wage earners. Biden uses a quote that he attributes to his father that sums up his tax reform, "Show me your budget, and I'll show you what you value."

YouTube Video: At the All American Presidential forum, Biden describes the current financial system and the need for tax reform.FORA.tv Reworking the tax structure: Biden discusses how reforming the tax structure will free up money for social change.

DailyKos Blog Video: Biden answers how he would overcome the disproportional income status in America.

— Las Vegas Sun new media intern Jenna Kohler compiled this report.