Adam Sabes

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


Posted by Adam Sabes on Tuesday, June 4th, 2019, 5:32 PM PERMALINK

Joe Biden said for a second time that the capital gains tax is “much too low, during a campaign stop Monday 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.”

This is the second time in a week Biden described the cap gains tax as “much too low.” 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: 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.”


Joe Biden is the Walter Mondale of 2020

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Posted by Adam Sabes on Tuesday, June 4th, 2019, 12:57 PM PERMALINK

Americans for Tax Reform Communications Associate Adam Sabes wrote an op-Ed in The Hill, arguing that Joe Biden is the Walter Mondale of 2020 because of his repeated threats to repeal the Tax Cuts and Jobs Act.

Joe Biden opened his much hyped 2020 presidential campaign last month by proclaiming the “first thing” he would do if elected is to repeal the Tax Cuts and Jobs Act. That means the middle class would see a tax increase. Does that sound eerily familiar? It is because Walter Mondale made a similar promise when he ran for president against Ronald Reagan,” Sabes wrote.

Sabes said that if Biden gets his way and repeals the Tax Cuts and Jobs Act, our economy would suffer.

“This plan to undo the tax law would damage our national economic competitiveness and harm jobs and wages by raising the corporate tax from 21 percent back to 35 percent, the highest rate in the developed world. The small business deduction of 20 percent on any pass through income would disappear if Biden fulfills his promise, hurting millions of sole proprietorships, limited liability companies, and more,” he wrote.

While running on repealing the TCJA may work for him now, the same strategy cannot be used during the general election, Sabes contended.

“Running on a repeal of the Tax Cuts and Jobs Act may be convenient for Biden during a Democratic primary where he can gain a lot of support for the idea. But this is not a winning strategy in the general election and he could more than likely attempt to backtrack. Voters will see through it."

Photo Credit: Center for American Progress/Flickr


Biden calls for “end-to-end high speed rail system that will connect the coasts”

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Posted by Adam Sabes on Tuesday, June 4th, 2019, 11:35 AM PERMALINK

Paid for by repeal of Trump tax cuts

Joe Biden has called for “the construction of an end-to-end high-speed rail system that will connect the coasts” – paid for by repealing the Trump tax cuts.

Biden’s new proposal echoes the Green New Deal, which he described as “a crucial framework.”

The Biden document states:

“With respect to passenger rail: He’ll start by putting the Northeast Corridor on higher speeds and shrinking the travel time from D.C. to New York by half – and build in conjunction with it a new, safer Hudson River Tunnel. He will make progress toward the completion of the California High-Speed Rail project. He will expand the Northeast Corridor to the fast-growing South. Across the Midwest and the Great West, he will begin the construction of an end-to-end high-speed rail system that will connect the coasts, unlocking new, affordable access for every American.”

This high-speed rail concept was contained in the original Green New Deal explanatory document, which called for the government to “build out high-speed rail at a scale where air travel stops becoming necessary.”

The new Biden document suggests a tax hike of $1.7 trillion and calls for “rolling back” the Trump tax cuts. Biden has threatened to repeal the Tax Cuts and Jobs Act on at least five occasions, as shown by this video compiled by Americans for Tax Reform. 

See also:

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.”

Photo Credit: Kelly Kline/Flickr


Norquist on Biden Threat to Raise Taxes


Posted by Adam Sabes on Friday, May 31st, 2019, 2:53 PM PERMALINK

Grover Norquist, president of Americans for Tax Reform, went on CNBC’s “Squawk on the Street” to talk about Joe Biden’s plan to repeal the Tax Cuts and Job’s Act with Rick Santelli, an editor for CNBC. [Click here for video]

“He has five times now said on TV, that he wants to repeal all of the Trump Republican tax cuts. You can calculate what it would cost you if Biden became president with a Democratic Congress,” said Norquist. “Take a look at what you paid in 2019 versus 2018, and that’s how much your taxes are going to go up for 90% of Americans.”

Norquist also discussed the Organization for Economic Cooperation and Development’s plan to help organize a new “global minimum corporate tax rate,” which he says will “never” happen. He said this would be like “OPEC for politicians and tax hikers.”

“So they all sit around the room and they all agree to raise taxes together and everyone agrees they won't cut taxes. Because the Europeans fully understand that President Trump is reelected is going to take the corporate rate from 21 to 15 percent. He wanted it to be in the first place,” said Norquist. “We're going to continue to bring individual rates down but particularly corporate rates [in] the US. We've seen how successful it's been to drop them. The Europeans cannot compete with that.”

“They want us to join their OPEC cartel. Never, never, never,” he added.

See also:

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: Capital gains tax “much too low”


Posted by Adam Sabes on Thursday, May 30th, 2019, 2:00 PM PERMALINK

Biden’s comment and his Senate voting record make clear he will push for cap gains hike if elected

Joe Biden said the capital gains tax is “much too low,” during a town hall in Houston on Tuesday. [Click here for video]

“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 said during the American Federation of Teachers town hall.

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

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

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.

“A Biden capital gains tax hike would hurt jobs and growth,” said Grover Norquist, president of Americans for Tax Reform. Norquist added: “Capital gains tax increases are particularly damaging to older Americans who have assets – a house, small business, land, or stock -- that they plan to retire on. And what do older Americans do? They vote.”

See also:

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.”


VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts


Posted by Adam Sabes on Friday, May 24th, 2019, 10:30 AM PERMALINK

Americans for Tax Reform today released a video compilation of the five times Democrat presidential candidate Joe Biden has threatened to repeal the Tax Cuts and Jobs Act.

Biden announced his run for president about a month ago and has already threatened to repeal the TCJA at least five times.

“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.

“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts,” Biden said during a campaign stop in Manchester, New Hampshire on May 13.

"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," said Biden during a campaign stop in Nashua, New Hampshire on May 13.

"The first step is reverse President Trump's tax cuts for the very wealthy and corporations," said Biden during a campaign stop in Pittsburgh, Pennsylvania on April 29.

"The first step is reversing the tax cuts," said Biden during a campaign stop in Dubuque, Iowa on April 30.

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.
     

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.

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.

 


Buttigieg Endorses Six Tax Hikes in 10 Days

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Posted by Adam Sabes on Friday, May 24th, 2019, 9:00 AM PERMALINK

In a 10-day span, “Mayor Pete” Buttigieg endorsed the imposition of six tax increases on the American people.

It all started on May 9, when he endorsed a steep new “parcel tax” on homes and businesses while kowtowing to union bosses in Los Angeles. The tax will drive up the cost of living for owners and renters alike. “This could break me,” said resident Maria Fischer.

On May 16, Buttigieg endorsed a carbon tax, which would raise the cost of everything Americans buy and do.

And then during a Fox News town hall this past Sunday, Buttigieg proposed four new tax hikes – an income tax hike, a corporate tax hike, a wealth tax, and a financial transactions tax -- and slammed the Tax Cuts and Jobs Act as an “unnecessary and unaffordable tax cut for the very wealthiest.”

Buttigieg said he would institute a “fairer, which means higher marginal income tax rate on those earning the most,” “a reasonable wealth tax,” possibly a “financial transactions tax,” as well as raising unspecified corporate tax provisions.

Buttigieg is just as radical on taxes as the rest of the Democrat 2020 presidential field, and has now earned the nickname “Tax Hike Pete.”

See Also:

“First thing I’d do is repeal those Trump tax cuts,” Joe Biden said during a campaign stop in Colombia, South Carolina on May 4.

“On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,” Kamala Harris said during a NAACP fundraiser in Detroit, Michigan on May 5.

“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts,” Joe Biden said during a campaign stop in Nashua, New Hampshire on May 13.

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

Photo Credit: Gene Driskell/Flickr


Bernie Sanders: I will raise your taxes


Posted by Adam Sabes on Tuesday, May 21st, 2019, 11:39 AM PERMALINK

2020 Democratic presidential hopeful Bernie Sanders has repeated multiple times that he will impose a tax increase if elected.

“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: “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, Harris Threaten New Hampshire with Tax Hikes

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Posted by Adam Sabes on Friday, May 17th, 2019, 2:36 PM PERMALINK

Democrat presidential candidates Joe Biden and Kamala Harris both promised to repeal the Tax Cuts and Jobs Act while making campaign stops in New Hampshire this week, a move that would impose massive tax increases on New Hampshire households and businesses.

“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts,” Biden said Monday in Manchester.

“On day one, we gonna repeal that tax bill,” Harris said on Wednesday in Nashua.

Their promise to repeal the tax cuts is a promise to raise taxes. Repeal of the tax cuts would hit New Hampshire hard. If Biden or Harris repeal the tax cuts:

  • New Hampshire households would lose their tax cut -- a 25.2 percent tax cut on average, according to data reported by H&R Block.
  • New Hampshire residents would be forced to pay the highly regressive Obamacare individual mandate tax. In 2016, 24,350 New Hampshire residents paid the tax totaling $17,392,000. 76 percent of people that paid the individual mandate tax made less than $50,000 a year, and 33 percent made less than $25,000 a year.
  • 91,000 New Hampshire households who claim the Child Tax Credit would see their credit slashed in half from $2,000 to $1,000. 
  • 476,000 New Hampshire households who claim the standard deduction would see it slashed in half. (The TCJA nearly doubled the standard deduction from $6,300 to $12,000 for an individual and from $12,600 to $24,000 for a family.)
     

From a nationwide perspective, if Biden and Harris repeal the Tax Cuts and Jobs Act, the following would happen:

  •  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.”

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

See also:

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

Joe Biden broke his middle class tax pledge

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

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

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

 

Photo Credit: Marc Nozell/Flickr


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


Posted by Adam Sabes on Tuesday, May 14th, 2019, 12:04 PM PERMALINK

Joe Biden once again promised to repeal the Tax Cuts and Jobs Act, during a campaign stop in New Hampshire on Monday.

“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts,” Biden said.

[Click here for video]

Biden recently told a crowd in South Carolina that it would be the very first thing he does upon taking office: “First thing I’d do is repeal those Trump tax cuts,” he said.

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.

 

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 the state where Biden threatened to raise taxes -- New Hampshire -- residents received a 25.2 percent 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’d do is repeal those Trump tax cuts.”

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

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

Joe Biden Broke His Middle Class Tax Pledge


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