Adam Sabes

Taxpayer Notes on First Dem Debate

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Posted by Adam Sabes on Thursday, June 27th, 2019, 11:40 AM PERMALINK

2020 Democratic presidential candidate Elizabeth Warren called for eliminating private health insurance if elected, instead opting for a taxpayer-funded "medicare for all" program, which would strip millions of Americans off of their private insurance plans.

Warren made the comment during the first Democratic presidential debate on NBC Wednesday night.

“So, yes. I'm with Bernie on Medicare for all," said Elizabeth Warren and raised her hand instantly when Lester Holtz asked who on the stage would "abolish" private health insurance.

Democrats, in addition to eliminating private health insurance, also talked about raising taxes and implementing a carbon tax.

  • Beto O'Rourke called for raising the corporate tax rate from 21 percent to 28 percent.  “Take that corporate tax rate up to 28 percent."
  • Bill DeBlasio called for a 70 percent top marginal income tax rate.  “Yes, we’re supposed to be for a 70 percent tax rate on the wealthy."
  • John Delaney called for a carbon tax on the American people, which Chuck Todd described as "just politically impossible." "This is really important. All the economists agree that a carbon pricing mechanism works. You just have to do it right. You can't put a price on carbon, raise energy prices, and not give the money back to the American people.  My proposal, which is put a price on carbon, give a dividend back to the American people. It goes out one pocket, back in the other."

 

 H.R. 763, a carbon dividend bill -- imposes a large, continually ratcheting national energy tax, allowing politicians to raise taxes without ever having to vote. It would raise taxes on Social Security benefits and require a large bureaucracy to implement and run. The well-funded carbon tax group pushing Rooney's bill -- Citizens' Climate Lobby -- was caught on tape admitting carbon tax cost and complexity is "something that we at CCL can tend to soft-pedal."

It's no wonder 75 conservative groups wrote a letter to congress stating: "We oppose any carbon tax."

Photo Credit: Marta Evry


VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA


Posted by Adam Sabes on Wednesday, June 26th, 2019, 5:01 PM PERMALINK

Americans for Tax Reform reform has released a video compilation of ten different times that 2020 Democratic presidential candidates have threatened to repeal the Tax Cuts and Jobs Act.

[Click here for video]

  1. May 4, 2019: Joe Biden said, “First thing I’d do is repeal those Trump tax cuts."
  2. May 5, 2019: Kamala Harris said, "On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country.
  3. May 13, 2019: Joe Biden said, “When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts.”
  4. May 13, 2019: Joe Biden said, "Look, here's the deal. If I'm president, the first thing we're gonna do is we're gonna end Trump's tax cuts."
  5. April 29, 2019: "The first step is reverse President Trump's tax cuts for the very wealthy and corporations."
  6. April 30, 2019: "The first step is reversing the tax cuts."

  7. June 7, 2019: Kamala Harris said, “On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country."

  8. June 13, 2019, Joe Biden said, “And look, the tax cut he passed, for multimillionaires and billionaires, guess what, when I’m president it’s gone, it’s gone."
  9. June 17, 2019: Joe Biden said, “First thing I would do as president is eliminate the president’s tax cut."
  10. June 22, 2019: Joe Biden said, "And folks, on day one, I will move to eliminate Trump's tax cuts."

The candidate's promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

All congressional districts in America even received a tax cut as a result of the TCJA, according to a recent Tax Foundation report.

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.

See more:

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

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Posted by Adam Sabes on Tuesday, June 25th, 2019, 10:57 AM PERMALINK

Democrat senator and presidential candidate Kamala Harris said "When I enter the oval office," she would repeal the Tax Cuts and Jobs Act. Harris made the statement via tweet on Monday night.

Harris wrote:

"Trump said he was going to protect workers, that he was going to support them, and lift them up. Instead, he passed a tax bill that benefitted the top 1% and the biggest corporations in our country. When I enter the Oval Office, I will repeal the Trump trillion- dollar tax scam."

This is at least the fourth time that Harris has called for a repeal of the TCJA.

On Twitter, Americans were eager to call her out, saying that the TCJA helped them.

"I’m nowhere near the 1% and the tax bill has benefitted me well, No complaints from me. Proof you’re only pandering the Same crap that have been spewed for years. I’ll be honest, it’s this type of talk that made me switch parties about 20 years ago. I love my job, benefits etc," said one person on Twitter.

Another Twitter user said "I’m a dad of 8. I don’t make six figures. The tax cuts helped me this year. Why would you want to do that to us?"

Harris continues to mislead audiences about the GOP tax cuts, which benefited every income group in every congressional district

Harris is guilty of what the New York Times has described as “a sustained – and misleading – effort by liberal opponents of the law to brand it as a middle-class tax increase.”

Photo Credit: DAEWOO KANG


Biden: "On Day One, I Will Move to Eliminate Trump's Tax Cuts."


Posted by Adam Sabes on Sunday, June 23rd, 2019, 2:04 PM PERMALINK

2020 Democratic presidential candidate Joe Biden said he would "move to eliminate" the Tax Cuts and Jobs Act on his first day in office if elected.

"And folks, on day one, I will move to eliminate Trump's tax cuts," Biden said during the South Carolina Democrat Convention on Saturday.

[Click here for video]

This is at least the eighth time that Biden has threatened to repeal the TCJA.

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In South Carolina, where Joe Biden spoke, households with the median income of $50,570 received an average tax cut of around $1,341 according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In South Carolina -- where he made his most recent threat to repeal the TCJA -- residents received a 23.2% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”


Posted by Adam Sabes on Tuesday, June 18th, 2019, 9:22 AM PERMALINK

[See also: 75 conservative groups tell congress: "We oppose ANY carbon tax."]

Joe Biden said Monday that the first thing he’d do as president is “eliminate” the Tax Cuts and Jobs Act:

“First thing I would do as president is eliminate the president’s tax cut,” Biden said during the Poor People's Forum in Washington, D.C. on Monday.

[Click here for video]

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In Washington, D.C., where Joe Biden spoke, households with the median income of $82,372 received an average tax cut of around $1,990, according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In D.C. - where he made the threat to repeal the TCJA - residents received an 18.0% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Bernie Sanders claims people would be “delighted to pay more in taxes”


Posted by Adam Sabes on Tuesday, June 18th, 2019, 8:46 AM PERMALINK

2020 Democratic candidate Bernie Sanders said on CNN Wednesday, June 12, that American citizens would be “delighted” to pay more in taxes.

[Click here to watch]

“I suspect that a lot of people in this country would be delighted to pay more in taxes if they had comprehensive healthcare as a human right,” said Sanders on CNN.

He said that other countries like Germany have healthcare for all, and questions why the United States cannot do the same.

However, raising taxes on the American people is nothing new for Sanders, as Americans for Tax Reform has pointed out.

“You’re going to pay more in taxes,” Sanders said during a Fox News town hall in Bethlehem, Pennsylvania on April 15. At the same town hall, he said, “Are people going to pay more in taxes? Yes.”

[Click here for video]

“And yes, we have to raise individual tax substantially higher than they are today,” Sanders said during an interview with Jake Tapper on July 5, 2015. 

On a separate CNN townhall hosted by Chris Cuomo in Des Moines, Iowa on Jan. 25, 2016, Sanders promised that “yes, we will raise taxes, yes we will.”

See also:

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Biden: Tax Cuts Will be “Gone” If I’m Elected


Posted by Adam Sabes on Thursday, June 13th, 2019, 10:37 AM PERMALINK

Joe Biden said during a campaign stop in Iowa that if he’s elected, the Tax Cuts and Jobs Act will be “gone.”

[Click here for video]

“And look, the tax cut he passed, for multimillionaires and billionaires, guess what, when I’m president it’s gone, it’s gone,” Biden said during a campaign stop in Davenport, Iowa.

This is the sixth time Biden has threatened to repeal the TCJA.

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  •          A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  •          A single parent (with one child) making $41,000 would see a$1,300 tax increase.
  •         Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  •         Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  •          Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  •          The USA would have the highest corporate income tax rate in the developed world.
  •          Taxes would rise in every state and every congressional district.
  •         The Death Tax would ensnare more families and businesses.
  •          The AMT would snap back to hit millions of households.
  •          Millions of households would see their child tax credit cut in half.
  •          Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In Iowa, where Biden spoke, households who made the state average income of $58,570, received a tax cut of around $1,423.99, according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.”

The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In Iowa - the state he made the threat to repeal the TCJA - residents received a 24.0% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Kamala Harris: Trump Committed “Tax Fraud” by Passing Tax Cuts

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Kamala Harris: Trump Committed “Tax Fraud” by Passing Tax Cuts


Posted by Adam Sabes on Tuesday, June 11th, 2019, 3:22 PM PERMALINK

At an Iowa Democratic Hall of Fame Event on June 8, Kamala Harris claimed that Donald Trump committed “tax fraud” by passing the TCJA.

[Click here for video]

“He said he was for working people, then he passed a tax bill benefiting the top one percent and the biggest corporations in this country. That’s tax fraud,” Harris said during the event.

As a lawyer, Harris should know better than to misuse the term “fraud.” But speaking of dishonesty, Harris continues to mislead audiences about the GOP tax cuts, which benefited every income group in every congressional district

Harris is guilty of what the New York Times has described as “a sustained – and misleading – effort by liberal opponents of the law to brand it as a middle-class tax increase.”

When Joe Biden made a similar claim, saying that only high-income households received a tax cut, The Washington Post gave his claim four Pinocchios, noting it was “clearly false.” 

The Washington Post also stated: “Most Americans received a tax cut.”

As noted by the New York Times: “Most people got a tax cut.”

More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”

Over the course of the campaign, Kamala Harris has been running on repealing the TCJA, claiming three times that she’d repeal it “on day one.”

“On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country,” during a campaign stop in Birmingham, Alabama on Friday.

“On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,”  Harris said during a stop in New Hampshire on May 15.

While Harris was speaking at a NAACP fundraiser in May, she threatened to “get rid of the whole thing,” if elected president.

See also:

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Kamala Harris: I Will Repeal Tax Cuts “on day one”


Posted by Adam Sabes on Tuesday, June 11th, 2019, 11:31 AM PERMALINK

Kamala Harris once again is calling for the repeal of the Tax Cuts and Jobs Act, and says she’ll do it “on day one” if elected.

[Click here for video]

Harris said: “On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country,” during a campaign stop in Birmingham, Alabama on Friday.

In the past month, she’s called for repealing the TCJA a total of three times.

On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,” Harris said during a stop in New Hampshire on May 15.

While Harris was speaking at a NAACP fundraiser in May, she threatened to “get rid of the whole thing,” if elected president.

A promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.

  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.

  • Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.

  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.

  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.

  • The USA would have the highest corporate income tax rate in the developed world.

  • Taxes would rise in every state and every congressional district.

  • The Death Tax would ensnare more families and businesses.

  • The AMT would snap back to hit millions of households.

  • Millions of households would see their child tax credit cut in half.

  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.

In Alabama, where Harris promised to repeal the TCJA, households making the average income, $48,123, received an average tax cut of around $836.64, according to a recent Tax Foundation report. According to the same report, every congressional district in America received a tax cut.

As noted by the New York Times: “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”

In Harris’s home state of California, the report found that residents received a 27.1% reduction in their taxes, on average. In the state where Harris made the tax hike threat – Alabama – residents received a 24.2 percent tax cut on average.

See also:

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


For the third time, Biden says Capital Gains Tax is “too low”


Posted by Adam Sabes on Wednesday, June 5th, 2019, 5:16 PM PERMALINK

For the third time in a week, Joe Biden said the capital gains tax is “too low.”

[Click here for video]

“You go out and you make a capital gain you make a little bit of money on an investment you made and you're about to go and cash it in.  You cash it in, you pay - now it's down to 20% is too low - but you pay you used to pay them 28%," Biden said during a campaign stop in Concord, New Hampshire on Tuesday evening.

This is the third time in a week Biden described the current capital gains tax as “too low.” Earlier in the day on Tuesday during a campaign stop in Berlin, New Hampshire, Biden said:

“If you make a gain, you buy something, you buy stock or anything else and that increases from $1 to $2 or $1 - $2 million, and you want to cash it in, get the cash, you got to pay a capital gains tax much lower than what you’d pay in your regular taxes. It’s much too low now in my view, but that’s a different issue.”

On May 28, during a town hall in Houston, Biden said:

“You buy something, you buy stock at a dollar it goes to two dollars. You buy a Million, it goes to a million five. When you cash that in to make the gain you made, you have to pay a capital gains tax, which I believe is much too low.

Biden’s comments and his voting record in the Senate mean voters should expect him to push for capital gains tax hikes if elected. In his time in the Senate, Biden consistently voted against tax cuts on capital gains.

Raising the capital gains tax would harm the ability of Americans to build a nest egg and hurt the value of their homes, farms, and businesses.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, 20 percent, or 23.8 percent, depending on income level.

See Also:

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


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