John Kartch

Biden: "Yes, I'd Bring Back The Individual Mandate"

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Posted by John Kartch on Friday, March 6th, 2020, 10:00 AM PERMALINK

Joe Biden said during a CNN interview in July that he would re-impose the $695 - $2,085 Obamacare individual mandate tax if he is elected president.

Here's The Key Exchange:

Chris Cuomo: "Would you bring back the individual mandate?"

Joe Biden: "Yes. Yes, I'd bring back the individual mandate."

The Obamacare individual mandate was one of at least seven Obama-Biden tax hikes that directly hit low and middle income households -- a violation of Biden's promise not to raise any form of any tax on any American making less than $250,000.

Biden 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.

The Obama-Biden mandate tax imposed hefty penalties of $695 for individuals and $2,085 for families.

Thankfully the penalty was zeroed out in the Tax Cuts and Jobs Act, enacted by congressional Republicans and President Trump.

The vast majority of households forced to pay the mandate tax had an annual income of under $50,000.

In tax year 2017, 4,654,990 households paid a total of $3,666,084,000 in individual mandate tax penalties. 74 percent of those households have a yearly income of less than $50,000. 32 percent of those households have a yearly income of less than $25,000.

In addition to levying the American people with this tax, Biden also wants to repeal the Tax Cuts and Jobs Act. Such repeal would raise taxes on low and middle income households.

If the TCJA is repealed, as Biden has promised:

  • 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.
     

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Flashback: Joe Biden Broke His Middle Class Tax Pledge

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Posted by John Kartch on Tuesday, March 3rd, 2020, 9:40 AM PERMALINK

As Vice President, Joe Biden broke his promise to the middle class that no one making less than $250,000 would see a single penny of their tax raised. Biden said his tax vow applied to "any tax."

Biden made the promise during a nationally televised Vice Presidential debate on Oct. 3, 2008 using firm language:

“No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.” 

Once elected, Biden immediately pushed for tax increases on millions of middle class households. When Obamacare was signed into law with Biden's support, it imposed a series of middle class tax hikes including the individual mandate tax, new taxes on households with health savings accounts and flexible spending accounts, and an income tax hike on Americans facing high medical bills. Biden also presided over a 156 percent increase in the federal excise tax on tobacco. After breaking the pledge, the Obama-Biden administration was rightly called out by the Associated Press in an article titled "Promises, Promises: Obama Tax Pledge Up in Smoke."

“Joe Biden, when running for Vice President in 2008, lied to the American people when he said he and Obama would never raise any tax on any American earning less than $250,000. Now he is running for President. Whatever he says, taxpayers now know what to expect,” said Grover Norquist, president of Americans for Tax Reform.

Biden frequently brags of being the key to securing Democrat congressional support for Obamacare, which imposed many direct tax increases on the middle class:

Individual Mandate Tax: Obamacare imposed a tax penalty of $695 for an individual and $2,085 for a family of four for failing to buy “qualifying” health insurance as defined by Obama-Biden rules.

The tax hit low and middle-income families hard: Three-fourths of households stuck paying the tax made less than $50,000 per year, a blatant violation of Biden's pledge to the American people. (Thanks to the GOP congress and President Trump, this tax was zeroed out as part of the Tax Cuts and Jobs Act.)

Biden is now pushing to reimpose the individual mandate tax.

Medicine Cabinet Tax on health Savings Accounts and Flexible Spending Accounts: Because of Obamacare, the 20 million Americans with a Health Savings Account and the 30 to 35 million Americans with a Flexible Spending Account are no longer able to purchase over-the-counter medicines using these pre-tax account funds. Examples include cold, cough, and flu medicine, menstrual cramp relief medication, allergy medicines, and dozens of other common medicine cabinet health items.

Chronic Care Income Tax Hike: This income tax increase directly targeted middle class Americans who happen to face high medical and dental bills in a given year. This Obamacare tax hit 10 million households per year. Before Obamacare, Americans facing high medical expenses were allowed an income tax deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare imposed a threshold of 10 percent of AGI. Therefore, Biden not only made it more difficult to claim this deduction, he widened the net of taxable income.

Again, low and middle income households were hit hard by this tax. On average, affected taxpayers earned about $53,000 annually. ATR estimates the average income tax increase for the average affected household amounted to $200 - $400 per year. Thanks to President Trump and congressional Republicans, this tax hike was rolled back as part of the Tax Cuts and Jobs Act. Biden has threatened many times to repeal the TCJA.

Flexible Spending Account Tax: The 30 - 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face an Obamacare-imposed cap of $2,500.

Before Obamacare, the accounts were unlimited under federal law. But now, parents looking to save for medical costs or braces for the kids find themselves quickly hitting this new cap. This restricts the options for low and middle income families.

There is one group of flexible spending account households for whom this tax is particularly cruel and onerous: parents of special needs children. Families with special needs children often use FSAs to pay for special needs education. Tuition and book costs at special needs schools can run thousands of dollars per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obama-Biden tax increase limits the options available to these families.

With his threatened repeal of the Tax Cuts and Jobs Act, Biden will raise taxes on all income levels. If Biden repeals the tax cuts, a median income family of four will face an annual $2,000 tax increase and a median income single parent with one child will face an annual $1,300 tax increase.

Biden also plans to impose a carbon tax and a 40 percent capital gains tax on all Americans.

See Also:

Biden: "If you elect me, your taxes are going to be raised"

Video: Biden calls for repeal of Trump tax cuts

Biden Lied About His Tax Hikes on Small Business

 

 

Photo Credit: Gage Skidmore/Flickr


Biden: "If you elect me, your taxes are going to be raised"

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Posted by John Kartch on Saturday, February 29th, 2020, 12:00 PM PERMALINK

At a Joe Biden campaign rally in South Carolina on Friday, a voter told Biden that the Trump tax cut saved him money, but Biden shot back that he would raise taxes if elected.

Biden: "By the way, how many of you did really well with that $1.9 trillion tax cut..."

[Voter raises a hand to say he benefited from the Trump tax cut.]

Biden: "Well you did! Well, that's good. I'm glad to see you are doing well already. But guess what, if you elect me, your taxes are going to be raised, not cut, if you benefited from that."

Biden has threatened to repeal the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump. Such a repeal would impose a $2,000 annual tax increase on a median income family of four and a $1,300 annual tax increase on a median income single parent with one child.

Biden continues to lie about the tax cuts.

When Joe Biden claimed that “All of [the TCJA] went to folks at the top and corporations," he got the dreaded Four-Pinocchios from the Washington Post.

In its fact check, the Washington Post stated: “Most Americans received a tax cut.”

The New York Times also flatly stated: "Most people got a tax cut."

CNN's Jake Tapper did his own fact check and concluded: "The facts are, most Americans got a tax cut." 

CNN's Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."

FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."

FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.

H&R Block: “The vast majority of people did get a tax cut.”

If the TCJA is repealed, as Biden has promised:

  • 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.
     

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.

If you want to stay up-to-date on their threats to raise taxes, visitwww.atr.org/HighTaxDems.


Klobuchar Wants Another Tax Hike: Taxing Capital Gains as Ordinary Income

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Posted by John Kartch on Thursday, February 27th, 2020, 9:45 PM PERMALINK

Amy Klobuchar said that she would tax capital gains "closer to the personal income tax rate" during a CNN town hall on Wednesday night.

"Taking the capital gains rate and putting it closer to the personal income tax rate, brings in something like $500 billion," Klobuchar said. 

Voters are reminded that Democrats are united in their desire to impose capital gains tax increases on the American people. The party wants to raise the tax rate all the way up to the top personal income tax rate (which they also want to increase).

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

Klobuchar has previously called for a capital gains tax increase, and said in July that she would go about "changing" the rate.

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

Joe Biden also called for an increase in the rate and even went as far as saying that "every single solitary person" would pay a 40% capital gains tax.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems


CNN: Sanders Has "The Largest Peacetime Tax Increase In American History"

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Posted by John Kartch on Wednesday, February 26th, 2020, 9:58 PM PERMALINK

CNN Senior Political Analyst Ron Brownstein said that Bernie Sanders is proposing "the largest peacetime tax increase in American history."

Brownstein said:

"As I say, he is calling for doubling the size of the federal government. He put out, he handed Chris Cuomo a document last night at the CNN town hall in which he identified $30 trillion in new taxes which does not even cover all of his new spending but would nonetheless be by far the largest peacetime tax increase in American history. Something approaching the level of revenue increase we had during World War II as a share of the economy."

Brownstein made the remarks Tuesday. The Democrat candidates also called out Sanders.

"Well, let me tell you how many nickels and dimes we're talking about. Nearly $60 trillion. Do you know how much that is for all of his programs? That is three times the American economy-- not the federal government, the entire American economy," Amy Klobuchar said of Sanders proposed agenda.

"And even after raising taxes on everybody making $29,000, there is still a multi-trillion dollar hole. Matter of fact, if you add up his policies altogether, they come to $50 trillion. He's only explained $25 trillion worth of revenue," Buttigieg said during the NBC debate last week.

Joe Biden also went after the Vermont Socialist and said that "Bernie still hasn't answered the question. How much is it going to cost?"

Sanders also wants to repeal the Tax Cuts and Jobs Act. Such repeal will impose massive tax increases on middle income households.

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Elizabeth Warren Falsely Claims Her Medicare For All Plan Will Not Raise Middle Class Taxes

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Posted by John Kartch on Wednesday, February 26th, 2020, 9:00 PM PERMALINK

Elizabeth Warren falsely claimed that her Medicare for All plan will not raise taxes on middle income Americans.

"It's why I also have a way to pay for health care that doesn't raise taxes on middle-class families," Warren said Tuesday night during the Democratic debate on CBS.
 

Warren even doubled down on this lie on Wednesday when she claimed on her website that the healthcare plan does "not raise taxes on the middle class."

In fact, her "Medicare for All" plan explicitly raises middle class taxes.

Her Medicare for All plan repeals the Tax Cuts and Jobs Act, which would impose a substantial tax increase on middle income households. Warren's plan also contains a head tax borne by employees.

If Warren repealed the Trump Republican tax cuts:

-A family of four earning the median income of $73,000 would be stuck paying $2,000 more in taxes each and every year.

-A single parent with one child making $41,000 would pay $1,300 more in taxes each and every year.

The facts are, thanks to the Trump Republican tax cuts, middle class Americans received a tax cut. If you don’t believe us, just ask the New York Times, the Washington Post, CNN, and FactCheck.org: 

  • CNN: “The facts are, most Americans got a tax cut.”
  • CNN: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."
  • New York Times: "Most people got a tax cut."
  • Washington Post: “Most Americans received a tax cut.”
  • FactCheck.org: "Most people got some kind of tax cut in 2018 as a result of the law."
  • FactCheck.org: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
  • New York Times also noted the “sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
  • CBS News 60 Minutes: “Trump did give the middle class a tax cut.”
     

Thanks to the Tax Cuts and Jobs Act:

  • A family of four earning the median income of $73,000 saw a $2,000 tax cut.
  • A single parent (with one child) making $41,000 got a $1,300 tax cut.
  • Millions of low and middle-income households are no longer stuck paying the Obamacare individual mandate tax.
  • Utility bills across all 50 states went down as a direct result of the TCJA’s corporate income tax rate reduction.
  • Small businesses saw a tax decrease because of the 20% deduction for small business income.
  • Taxes went down in every state and every congressional district.
     

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Klobuchar: Bernie's Agenda Costs "Three Times The American Economy"

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Posted by John Kartch on Tuesday, February 25th, 2020, 9:00 PM PERMALINK

Amy Klobuchar criticized Bernie Sanders during the CBS Democratic debate tonight and said that the cost of the Sanders agenda will be "three times the American economy."

"No, the math does not add up.  This weekend he said he wasn't going to rattle through the nickels and the dimes. Well, let me tell you how many nickels and dimes we're talking about. Nearly $60 trillion. Do you know how much that is for all of his programs? That is three times the American economy-- not the federal government, the entire American economy. The Medicare for All plan alone on page 8 clearly says it will kick 149 million Americans off their current health insurance in four years. That is true," Klobuchar said.

Meanwhile Pete Buttigieg said that even after Sanders's tax proposals intended to fund Medicare for All, he would still fall about $25 trillion short.

"And even after raising taxes on everybody making $29,000, there is still a multi-trillion dollar hole. Matter of fact, if you add up his policies altogether, they come to $50 trillion. He's only explained $25 trillion worth of revenue," Buttigieg said.

Joe Biden also went after the Vermont Socialist and said that "Bernie still hasn't answered the question. How much is it going to cost?"

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Biden: Medicare For All "Doubled The Income Tax" Of Vermont

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Posted by John Kartch on Thursday, February 20th, 2020, 5:38 PM PERMALINK

Joe Biden criticized Bernie Sanders for his Medicare for All plan following the NBC Democratic debate on Wednesday night, stating that in Vermont, where MFA was tried, income taxes were doubled, and said that the plan would not be passed quickly, as Sanders likes to claim.

"There's an overwhelming need to do something that's rational and Bernie still hasn't answered the question. How much is it going to cost? Who's going to pay for it? He talks about the savings. In Vermont they passed the affordable -- Medicare for All. It doubled the income tax of the state. It put a 14% tax on withholding tax, and they got rid of it. The idea that this can be done quickly is simply not true. Simply not true."

Sanders has refused to give an answer for how much his Medicare for All plan will cost, and during an interview with CBS News he said that "nobody knows" how much it will cost.

"You don't know. Nobody knows. This is impossible to predict," Sanders said.

During the February 7 ABC debate, Biden said that "the idea that middle class taxes aren't going to go up is just crazy," when talking about Medicare for All.

Previously, Biden has given credit to Sanders for being “honest” about his Medicare for All plan, admitting that taxes on middle income households would go up as a result.

Sanders has said that he plans to tax all income over $29,000 to help cover the cost for Medicare for All, which has an estimated cost of $32 trillion to $36 trillion.

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Biden Lied About His Tax Hikes on Small Business

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Posted by John Kartch on Thursday, February 20th, 2020, 1:30 PM PERMALINK

Biden will indeed raise taxes on small business

Joe Biden lied during the NBC Democratic presidential debate on Wednesday night when he said that taxes on small businesses would not go up in a Biden administration.

Here's the key exchange:

Moderator: "I want to ask you about Latinos owning one out of every four new small businesses in the United States. Many of them have benefited from President Trump's tax cuts. And they may be hesitant about new taxes or regulations. Will taxes on their small businesses go up under your administration?"

Biden: "No. Taxes on small businesses won't go up."

Biden is lying. Biden's threatened repeal of the Tax Cuts and Jobs Act would raise taxes on small businesses by raising marginal income tax rates and eliminating the 20 percent small business deduction.

Small businesses typically pay taxes through the individual tax system. If Biden repeals the TCJA as he has promised, marginal tax rates go up across the board, hitting millions of small businesses.

Biden's threatened repeal of TCJA would also eliminate the law's 20 percent deduction for small business pass-through income. There are nearly 30 million pass-through entities in the United States.

Biden's steep corporate tax increase from 21 percent to 28 percent would also hit many small businesses organized as corporations.

Biden's corporate tax hike will also directly cause utility bills to rise in all 50 states, hitting small businesses with higher electric, gas, and water bills.

Biden has been lying about taxes for a while. When he ran for Vice President in 2008 he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on any American making less than $250,000. Biden shattered that promise upon taking office.

If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.


Biden Wants to Raise the Corporate Tax Rate: "It should be 28 percent"

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Posted by John Kartch on Wednesday, February 19th, 2020, 11:33 PM PERMALINK

Joe Biden called the "idea" that America's corporate tax rate is at 21% is "ridiculous" and said that if he is elected, the rate will go up to 28% during the NBC Democratic debate on Wednesday night.

"The idea that we have a tax rate for corporate America at 21% is ridiculous. It should be 28 percent," Biden said.

The Tax Cuts and Jobs Act permanently cut the corporate rate from highest-in-the-developed-world 35 percent to 21 percent.

The Biden 28 percent rate would give the U.S. a higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.

An increase in the corporate tax rate would directly raise the cost of utility bills in all 50 states.

Biden has also repeatedly threatened a full repeal of the Tax Cuts and Jobs Act.

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

Biden also continues to lie about the tax cuts. The Washington Post gave Biden four pinocchios when he said: “All of it went to folks at the top and corporations.” In its fact check, the Washington Post stated: “Most Americans received a tax cut.”

Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.


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