John Kartch

Joe Biden and Kamala Harris Will Raise Your Taxes


Posted by John Kartch on Friday, November 20th, 2020, 11:00 AM PERMALINK

Joe Biden and Kamala Harris will raise your taxes. They will impose income tax hikes, small business tax hikes, capital gains tax hikes, corporate tax hikes, a carbon tax, and will even bring back the much-hated Obamacare individual mandate tax.

December 1, 2020: Supercut: Team Biden Vows to Impose Carbon Tax

November 22, 2020: Biden Treasury Prospect Wants to Impose a Carbon Tax

November 1, 2020: VIDEO: Here's What Tax Day Looks Like Under Biden-Harris

October 28, 2020: Biden to Impose $200 Gun Tax

October 23, 2020: Another Biden Middle Income Tax Hike: Elimination of Your Step Up in Basis

October 22, 2020: Biden's Individual Mandate Tax Shatters His $400,000 Pledge and Hits Swing State Households Hard

October 20, 2020: 50 Cent and Norquist Call Out Biden for 62% Marginal Income Tax Rate

October 12, 2020: Biden Likely to Impose a "Very High" Carbon Tax, Says Adviser

October 12, 2020: VIDEO: Biden and Harris Dodge "Pack the Court" Question 15 Times

October 9, 2020: VIDEO: 22 Times Biden-Harris Vowed to Eliminate Tax Cuts

October 7, 2020: Kamala Harris: "There's no question I'm in favor of banning fracking."

September 30, 2020: Video: Nine Times Biden Vowed to Eliminate the Trump Tax Cuts

September 29, 2020: Biden Was Against the Individual Mandate Before He Was For It

September 24, 2020: Biden Tax Hikes Will Erode American Competitiveness

September 17, 2020: Video: Biden Will Destroy Pennsylvania Energy Jobs

September 16, 2020: Video: Meet the "Harris-Biden" Administration

September 15, 2020: Biden's Corporate Tax Rate Hike Will Hurt Small and Midsize Local Businesses

September 14, 2020: Biden Vows to Raise Taxes on "Day One"

September 9, 2020: Biden's Like-Kind Exchange Tax Hike Will Harm Jobs and Growth

September 9, 2020: Biden's Plan to End Pass-Through Deduction Will Raise Taxes on Small Businesses

September 8, 2020: Biden Cannot Be Trusted on Taxes -- His $400,000 Pledge is Bogus

September 1, 2020: Biden vs. JFK on Taxes: Video Shows Democrats Have Veered Hard Left on Taxes

September 1, 2020: Yes, Biden and Harris Will Ban Fracking

August 28, 2020: Video: Biden Will Raise Your Taxes, Trump Will Cut Your Taxes

August 26, 2020: Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by Trump Tax Cuts -- Which Biden and Harris Want to Repeal

August 20, 2020: Biden and Harris Threaten Millions of Uber Drivers and Riders

August 19, 2020: Video: Nine Crazy Kamala Harris Quotes in 45 Seconds

August 19, 2020: Kamala Harris on Trump Tax Cuts: "Get Rid of the Whole Thing"

August 19, 2020: Kamala Harris Admits She Will Strip Everyone's Private Health Insurance

August 14, 2020: HYPOCRITES: Biden and Harris Slam Uber and Lyft But Have Used Them Over 1,400 Times

August 13, 2020: Kamala Harris and Joe Biden Vow to Abolish Your Right to Work

August 12, 2020: Video: Kamala and Joe Vow to Raise Your Taxes

August 11, 2020: Kamala Harris: "Get rid of the filibuster to pass a Green New Deal."

August 4, 2020: Video: Biden Vows to Raise Taxes Despite Obama Warning

July 28, 2020: Biden Threatens Freelancers and Independent Contractors Nationwide

July 27, 2020: Video: Biden Vows to Sacrifice "Hundreds of Thousands" of Jobs in Order to Impose Green New Deal

July 15, 2020: Biden Will Impose Highest Capital Gains Tax Rate Since Jimmy Carter in 1977

July 13, 2020: Biden Broke His Middle Class Tax Pledge

July 9, 2020: Even in a pandemic, Biden vows to impose higher corporate tax rate than communist China

May 27, 2020: Biden Vows to Bring Back the Individual Mandate Tax, A Violation of His Middle Class Tax Pledge

May 22, 2020: Joe Biden said: "Let's repeal the Trump tax cut."

May 22, 2020: Joe Biden said he wants to raise the corporate tax rate.

May 8, 2020: Joe Biden lies about the Tax Cuts and Jobs Act

April 5, 2020: Biden Endorses Another Tax Hike on Middle Class

March 11, 2020: Video compilation: How High Will Biden Raise Your Capital Gains Taxes?

March 6, 2020: Video Compilation: Joe Biden is Not a Moderate

Feb. 24, 2020: Video Compilation: Biden Will Raise Your Taxes By Eliminating Your Tax Cut

Feb. 7, 2020: Joe Biden said: "I'm going to raise the capital gains rate so that you pay capital gains at what your tax rate is."

Jan. 22, 2020: Joe Biden lied about the Tax Cuts and Jobs Act, claims it only benefited "top 2% of nation"

Jan. 9, 2020: Joe Biden lied about the Tax Cuts and Jobs Act.

Jan. 7, 2020: Joe Biden lied about his healthcare plan, says "no middle class tax" will occur.

Jan. 7, 2020: Joe Biden said: “Get rid of the Trump tax cut. No, not joking.

Dec. 6, 2019: Joe Biden said: "We should charge people the same tax for their capital gains as their tax rate is. And I think we should raise the tax rate back to, for example, I take it back to where it was before it was reduced. It could go higher, but at 39.5%, 40% basically if you have that as the capital gains, that raises, I brought along, I’m not going to bore you with it, but you’ve seen it, I brought along a graph is how much money each of these things raise."

Dec. 9, 2019: Joe Biden said the capital gains tax rate "could go higher" than 40%

Oct. 28, 2019: Joe Biden said Trump’s $2,000 middle class tax cut is “negligible”

October 24, 2019: Joe Biden said: "So reduce the corporate tax cut, the tax payment to 20%? It needed to be reduced, but if we raise it back up to 28%, it was 39%, we can raise hundreds of billions of dollars."

October 23, 2019: Joe Biden said“[Corporations] don’t need their tax cut reduced to 20 percent, it should be raised back to 28 percent."

October 23, 2019: Joe Biden said: “So every single solitary person, their capital gains are going to be treated like real income and they are going to pay 40 percent on their capital gains tax."

Oct. 15, 2020: Joe Biden said"I would raise the capital gains tax to the highest rate of 39.5 percent, I would double it."

September 27, 2019: Joe Biden said: “I’m gonna double the capital gains rate to 40 percent."

September 20, 2019: Joe Biden said“What I’d be focusing on is eliminating the $1.9 trillion tax cut that [Trump] passed."

September 4, 2019: Joe Biden endorses a carbon tax.

August 21, 2019: Joe Biden said“I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent."

August 9, 2019: Joe Biden said: “By eliminating just a few of the tax cuts,” Biden said, then added, “I’m going to eliminate most all of them. No, you think I'm joking? I'm not."

July 30, 2019: VIDEO: 2020 Democrats Will Raise Your Taxes

July 16, 2019: Joe Biden said: “I would raise the corporate tax. I think we should have lowered it from 36 to 28 percent, but it got lowered to 20 percent. If we just raised it back to 28 percent, we would raise about 600 billion dollars a year. Look at all of the needs we have and the opportunities we have. Ladies and gentlemen, it begins by reversing those cuts.”

July 5, 2020, Joe Biden said: "Yes. Yes, I'd bring back the individual mandate."

July 5, 2019: Joe Biden said: "Well, three things. One, I do raise the tax rate to 39.5 percent. I do, in fact, eliminate the ability for them to write off capital gains the way they do now. I would raise the -- and raise billions of dollars -- raise the corporate tax rate from 20 percent to 28 percent.

July 3, 2019: Joe Biden and Kamala Harris agree on one thing: Raising taxes

July 2, 2019: Joe Biden is running ads to "Repeal Trump's Tax Cuts."

June 22, 2019: Joe Biden said"And folks, on day one, I will move to eliminate Trump's tax cuts."

June 17, 2019: Joe Biden said“First thing I would do as president is eliminate the president’s tax cut."

June 4, 2019: Joe Biden said: “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%,"

June 3, 2019: Joe 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.”

May 28, 2019: Joe 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.”

May 13, 2019: Joe Biden said“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts.”

May 4, 2019: Joe Biden said“First thing I’d do is repeal those Trump tax cuts."


Washington State Voters Advise Against New Statewide Bag Tax -- Advisory Vote 32

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Posted by John Kartch on Wednesday, November 4th, 2020, 1:11 AM PERMALINK

Washington voters have advised the state to "repeal," in Advisory Vote 32, a recently enacted bill that will soon impose a new statewide bag tax.

According to David Hendricks of ATR:

"Advisory Votes in Washington are non-binding measures that give taxpayers the chance to share their opinions about recently enacted tax laws. However, they do not guarantee any actions will be taken.

AV 32 has shown how the public feels about Senate Bill 5323, a new law that, on January 1, 2021, would force retailers to collect a “pass-through charge” of 8-cents per bag for recycled paper and reusable film plastic carryout bags. On January 1, 2026, that tax will increase to 12 cents per bag for film plastic bags. SB 5323 also bans retailers from distributing single-use plastic bags."

Photo Credit: Bari Bookout


Biden to young middle class taxpayer: "If you elect me your taxes are going to be raised, not cut."

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Posted by John Kartch on Thursday, October 29th, 2020, 3:33 PM PERMALINK

In an exclusive to Americans for Tax Reform, here is the story of how Joe Biden told a young middle income voter that he would raise his taxes:

"My name is Nico Parisi, and I attended Joe Biden's campaign event at Coastal Carolina University on Feb. 27, 2020 in Conway, SC. As a recent graduate from the University, and as an individual who is very engaged in politics, I decided to experience what it would be like to take part in the event of an opposing political party. I had no intentions of having any interaction with anyone, which ended up not being the case.

During Biden's event, he asked the crowd, "By the way, how many of you benefited from that $1.9 trillion dollar tax cut?" As a recent college graduate making a middle class income, I raised my hand, because I did benefit from the TCJA. The tax cuts saved me nearly $1,800 a year, or roughly $150 a month. As a matter of fact, nearly 90% of that room benefited from the tax cuts, so it was amusing to see only my hand raised, of around 300+ people who attended.

Joe Biden noticed my hand in the crowd, and responded "Well that's good, I'm glad to see you're doing well already. But if you elect me, your taxes are going to be raised, not cut, if you benefited from that." I was in shock. Biden insinuated that the only way I could have benefited from the tax cuts was if I was some rich millionaire, which is false. This is an especially interesting assumption, given that I am a 22 year old, recent college graduate, who looks much younger than my age would imply."

The Tax Cuts and Jobs Act -- also known as the Trump tax cuts -- reduced middle class taxes, as noted even by left-leaning outlets:


Biden likes to lie about the Trump tax cuts by pretending the middle class didn't receive a tax cut. Biden and Kamala Harris also are on tape 22 times saying they will "eliminate", "get rid of", "repeal", and "end" the Tax Cuts and Jobs Act.

Biden was even called out by CNN for lying about the tax cuts to a Pennsylvania audience of union members. CNN slapped Biden for lying and said: "In reality, it is likely that many of the people in Biden's audience that day at the Teamsters banquet hall in Pittsburgh benefited from that tax cut."

A Biden-Harris "elimination" of the Tax Cuts and Jobs Act would most certainly impose a tax increase on middle income households.

Biden also wants to raise middle class taxes by re-imposing the much-hated individual mandate tax. He also wants to raise taxes by eliminating stepped up basis, imposing a $200 gun tax, and taxing capital gains as ordinary income for "every single solitary person." Biden and Harris also both endorsed a carbon tax.

Below are photos taken by Nico Parisi during the event where Biden told him he was going to raise taxes.




5 Things That Will Be Banned Under Biden-Harris

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Posted by John Kartch on Thursday, October 29th, 2020, 2:29 PM PERMALINK

Joe Biden and Kamala Harris have vowed to ban or end many things.

Here is a sample of five items on their target list: Plastic straws, plastic bags, fracking, fossil fuels, and Right to Work states (166 million Americans live in the 27 Right to Work states).

Watch the video below:


Biden's Individual Mandate Tax Will Hit 353,000 Florida Households

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Posted by John Kartch on Wednesday, October 28th, 2020, 3:33 PM PERMALINK

Joe Biden said he will re-impose the Obamacare individual mandate tax if he is elected. Most households liable for this tax made less than $50,000 per year.

According to IRS data, Biden's individual mandate tax would hit roughly 353,210 households in Florida (See the full list of state figures at bottom).

The Tax Cuts and Jobs Act signed by President Trump zeroed out the $695-$2,085 Biden-Obama individual mandate tax.

But Biden has already vowed to re-impose the individual mandate tax. Here's his exchange with CNN:

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

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

See for yourself by watching the clip below:

According to official IRS data for the 2017 tax year, 74% of households liable for the individual mandate tax had an adjusted gross income of less than $50,000.

  • The individual mandate tax penalty was paid by 4,606,271 households.
  • 3,430,003 of these households had an adjusted gross income of less than $50,000.
     

Biden has some explaining to do, as he made a promise to every American making less than $400,000 per year that they would not see a single penny of ANY tax hike. This Biden tax will hit middle class households in every state and every congressional district.

IRS data below shows the number of households per state hit with this tax in just one year, 2017. This data serves as an approximation of how many households will be hit under Biden's individual mandate tax.

SWING STATES:

Pennsylvania              153,140 households
Florida                         353,210 households
Minnesota                    69,460 households
Wisconsin                   80,240 households
Michigan                     132,750 households 
Ohio                           132,140 households
North Carolina           141,730 households
Arizona                       107,360 households 
Colorado                     98,160 households
Georgia                        142,930 households
Nevada                        52,130 households

ALL 50 STATES:

Alabama                     41,960 households
Alaska                        13,370 households
Arizona                       107,360 households 
Arkansas                     41,130 households
California                    553,000 households
Colorado                     98,160 households
Connecticut                 45,200 households
Delaware                     11,230 households 
District of Columbia    5,170 households
Florida                         353,210 households
Georgia                        142,930 households
Hawaii                         10,890 households
Idaho                           31,460 households 
Illinois                         162,920 households
Indiana                        106,750 households
Iowa                            38,430 households
Kansas                         40,480 households
Kentucky                     54,310 households 
Louisiana                     64,330 households
Maine                          25,460 households
Maryland                     64,180 households
Massachusetts             89,050 households
Michigan                     132,750 households 
Minnesota                    69,460 households
Mississippi                  32,260 households
Missouri                      80,990 households
Montana                      19,770 households
Nebraska                     30,930 households 
Nevada                        52,130 households
New Hampshire          23,610 households
New Jersey                 124,430 households
New Mexico               25,500 households
New York                   260,660 households 
North Carolina           141,730 households
North Dakota             11,970 households
Ohio                           132,140 households
Oklahoma                   54,720 households
Oregon                        70,010 households 
Pennsylvania              153,140 households
Rhode Island              14,840 households
South Carolina            64,440 households
South Dakota              11,190 households 
Tennessee                    83,440 households
Texas                           559,420 households
Utah                            49,470 households
Vermont                      10,920 households
Virginia                       107,130 households 
Washington                 110,400 households
West Virginia              22,820 households
Wisconsin                   80,240 households
Wyoming                    11,090 households

Keep track of Biden's many tax hikes by visiting www.ATR.org/HighTaxJoe

See also:

Flashback: Joe Biden Broke His Middle Class Tax Pledge

Biden Wants to Raise U.S. Corporate Tax Rate Higher Than Communist China

 

 

 

 


Trump vs. Biden on Taxes

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Posted by John Kartch on Wednesday, October 28th, 2020, 10:12 AM PERMALINK

Corporate Tax
Biden: 28%
Trump: 21%

Capital Gains and Dividend Tax
Biden: 43.4%
Trump: 23.8%

Small Business Tax
Biden 39.6%
Trump 29.6%

Top Individual Income Tax
Biden: 39.6%
Trump: 37%

Income and Payroll Tax
Biden: 49.34%
Trump 39.35%

Individual Mandate Tax:
Biden: Yes
Trump: No

Gun Tax:
Biden: Yes
Trump: No

Carbon Tax:
Biden: Yes
Trump: No


 

 

 

 


Freelancers and Independent Contractors Beware: Biden Vows to Impose the PRO Act Which Threatens Your Livelihood

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Posted by John Kartch on Tuesday, October 27th, 2020, 2:43 PM PERMALINK

The freedom to work as a freelancer or independent contractor provides flexibility for households and vibrancy to the American economy.

But Joe Biden and Kamala Harris have both endorsed the PRO Act which threatens freelancers and independent contractors.

The PRO Act not only bans Right to Work laws nationwide, it imposes the same independent contractor/freelancer-destroying policies of California's AB5 law, which has destroyed countless lives and driven people out of the Golden State.

Examples of quotations from people hit by AB5:

"I lost the career and relationship I was building with a content writing company." [Link]

"AB5 is why I had to pack my very ill husband with stage 4 cancer and autistic son and leave the state. There is no way I can take care of our family and work a 'traditional' type job." [Link]

"I'm a certified court interpreter. I've been very happily freelancing for 15 years. I can choose which agencies to work with, and work as much or as little as I want to spend time with my 3-year-old. AB5 is destroying my wonderful work/life combo." [Link]

"We do all sizes of events, mostly in the 50 to 200 guest range. Every now and then we'll have a 1,000-person event. I bring in independent contractors to work one day and this law says I have to bring them into my payroll. For ONE EVENT, I would have to bring on 100 people into payroll. Insane." [Link]

"AB5 is destroying the pet setting business due to having to hire as employees!" [Link]

"I lost my job of 12 years as a medical transcriptionist because of AB5. Many in this profession value the flexibility in hours and working from home more than employee status. Now I have no money at all." [Link]

"Not only myself but hundreds of hard working TAX paying musicians will now be forced to go back underground for cash gigs, and leave me here to figure out and question why I ever followed the law and created a small business to create the American dream and create jobs for so many others. Two decades of my business destroyed because I have no one who wants to work for me now." [Link]

"Being an independent contractor gave me the ability to set a work schedule that my body could handle and make enough to support myself by only working a few hours a day." [Link]

Here is the documentation of Biden's endorsement of AB5 and the PRO Act:

"I look forward to signing the PRO Act as President" said Biden on Feb. 9, 2020.

"I support AB5 in California" said Biden on March 7, 2020.

The PRO Act legislation is live ammunition, having already passed the Democrat-run U.S. House of Representatives. In the Senate, it has 40 Democrat co-sponsors and the self-described socialist co-sponsor, Bernie Sanders.

The PRO Act has also been endorsed by a number of Democrat senatorial candidates including Cal Cunningham, John Hickenlooper, Sara Gideon, Theresa Greenfield, Ossoff and Mark Kelly.

California's AB5 law was passed by state Democrats in 2019 and took effect on Jan. 1, 2020. It has caused widespread misery in California among dozens of freelancer and independent contractor occupations. Residents have fled to other states to pursue their dreams and pay their bills.

Now Democrats want to impose this nationwide to make the union bosses happy and keep their campaign coffers flush with cash skimmed from "dues" from newly unionized workers forced into a union by the PRO Act. This policy tramples on freelancers and independent contractors by attempting to force them into an employment relationship, against their wishes and needs.

Freelancers and independent contractors want to be their own boss. AB5 and the PRO Act dictate they must have a boss.Households need greater flexibility than ever. Biden and Harris will destroy that flexibility and freedom. No wonder the media hasn't covered this issue.

Photo Credit: Phil Roeder


OUCH: Biden's Individual Mandate Tax Will Hit 153,000 Pennsylvania Households

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Posted by John Kartch on Monday, October 26th, 2020, 5:40 PM PERMALINK

Joe Biden said he will re-impose the Obamacare individual mandate tax if he is elected. Most households liable for this tax made less than $50,000 per year.

According to IRS data, Biden's individual mandate tax would hit roughly 153,140 households in Pennsylvania. (See the full list of state figures at bottom).

The Tax Cuts and Jobs Act signed by President Trump zeroed out the $695-$2,085 Biden-Obama individual mandate tax.

But Biden has already vowed to re-impose the individual mandate tax. Here's his exchange with CNN:

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

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

See for yourself by watching the clip below:

According to official IRS data for the 2017 tax year, 74% of households liable for the individual mandate tax had an adjusted gross income of less than $50,000.

  • The individual mandate tax penalty was paid by 4,606,271 households.
  • 3,430,003 of these households had an adjusted gross income of less than $50,000.
     

Biden has some explaining to do, as he made a promise to every American making less than $400,000 per year that they would not see a single penny of ANY tax hike. This Biden tax will hit middle class households in every state and every congressional district.

IRS data below shows the number of households per state hit with this tax in just one year, 2017. This data serves as an approximation of how many households will be hit under Biden's individual mandate tax.

SWING STATES:

Pennsylvania              153,140 households
Florida                         353,210 households
Minnesota                    69,460 households
Wisconsin                   80,240 households
Michigan                     132,750 households 
Ohio                           132,140 households
North Carolina           141,730 households
Arizona                       107,360 households 
Colorado                     98,160 households
Georgia                        142,930 households
Nevada                        52,130 households

ALL 50 STATES:

Alabama                     41,960 households
Alaska                        13,370 households
Arizona                       107,360 households 
Arkansas                     41,130 households
California                    553,000 households
Colorado                     98,160 households
Connecticut                 45,200 households
Delaware                     11,230 households 
District of Columbia    5,170 households
Florida                         353,210 households
Georgia                        142,930 households
Hawaii                         10,890 households
Idaho                           31,460 households 
Illinois                         162,920 households
Indiana                        106,750 households
Iowa                            38,430 households
Kansas                         40,480 households
Kentucky                     54,310 households 
Louisiana                     64,330 households
Maine                          25,460 households
Maryland                     64,180 households
Massachusetts             89,050 households
Michigan                     132,750 households 
Minnesota                    69,460 households
Mississippi                  32,260 households
Missouri                      80,990 households
Montana                      19,770 households
Nebraska                     30,930 households 
Nevada                        52,130 households
New Hampshire          23,610 households
New Jersey                 124,430 households
New Mexico               25,500 households
New York                   260,660 households 
North Carolina           141,730 households
North Dakota             11,970 households
Ohio                           132,140 households
Oklahoma                   54,720 households
Oregon                        70,010 households 
Pennsylvania              153,140 households
Rhode Island              14,840 households
South Carolina            64,440 households
South Dakota              11,190 households 
Tennessee                    83,440 households
Texas                           559,420 households
Utah                            49,470 households
Vermont                      10,920 households
Virginia                       107,130 households 
Washington                 110,400 households
West Virginia              22,820 households
Wisconsin                   80,240 households
Wyoming                    11,090 households

Keep track of Biden's many tax hikes by visiting www.ATR.org/HighTaxJoe

See also:

Flashback: Joe Biden Broke His Middle Class Tax Pledge

Biden Wants to Raise U.S. Corporate Tax Rate Higher Than Communist China

 

 

 

 


Another Biden Middle Class Tax Hike: Elimination of Your Step-Up in Basis

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Posted by John Kartch on Friday, October 23rd, 2020, 5:15 PM PERMALINK

Joe Biden will eliminate step-up in basis and this will impose a steep tax increase and paperwork nightmare for middle class families and small businesses. It is one of the many Biden tax hikes that violate his own pledge against raising any tax on any American making less than $400,000.

In this video, you can see a sample of the many times Biden has threatened to eliminate step-up in basis.

Under the Biden plan, "When someone dies and the asset transfers to an heir, that transfer itself will be a taxable event, and the estate is required to pay taxes on the gains as if they sold the asset,” said Howard Gleckman of the left-leaning Tax Policy Center.

As noted by CNBC:

By taxing the unrealized gain at death, heirs would get hit at the transfer, regardless of whether they sell the asset, Gleckman said.

In Forbes, Robert W. Wood writes of the devastating impact on small businesses:

[Under current law] Everybody gets a stepped-up basis on death, for income taxes. But Biden says maybe no longer. Biden says that'll be gone once he is President. Biden's proposal would tax an asset's unrealized appreciation at transfer. You mean Junior gets taxed whether or not he sells the business? Essentially, yes. The idea that you could build up your small business and escape death tax and income tax to pass it to your kids is on the chopping block. Biden would levy a tax on unrealized appreciation of assets passed on at death. By taxing the unrealized gain at death, heirs would get hit at the transfer, regardless of whether they sell the asset.

In its analysis of Biden's tax plan, Tax Policy Center says the step-up in basis proposal mirrors a proposal described in an Obama-Biden 2016 Treasury Department document. This document confirms that Biden will force a capital gains tax payment immediately upon transfer of an asset after death of a loved one:

Under the proposal, transfers of appreciated property generally would be treated as a sale of the property. The donor or deceased owner of an appreciated asset would realize a capital gain at the time the asset is given or bequeathed to another.

The amount of the gain realized would be the excess of the asset's fair market value on the date of the transfer over the donor's basis in that asset. That gain would be taxable income to the donor in the year the transfer was made, and to the decedent either on the final individual return or on a separate capital gains return.

On top of all that, Biden also vows to impose capital gains tax increases just as America digs out from the pandemic. He said "every single solitary person" will pay capital gains taxes at ordinary income tax rates. He will also double the top rate to 40 percent, highest since Jimmy Carter in 1977.

Click below to see Biden's vow to eliminate stepped-up basis:

Photo Credit: Matt Johnson


Biden's Individual Mandate Tax Shatters His $400,000 Pledge and Hits Swing State Households Hard

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Posted by John Kartch on Thursday, October 22nd, 2020, 12:33 PM PERMALINK

Joe Biden said he will re-impose the Obamacare individual mandate tax if he is elected. Most households liable for this tax made less than $50,000 per year.

According to IRS data, Biden's individual mandate tax would hit roughly 353,000 households in Florida and 153,000 households in Pennsylvania. (See the full list of state figures at bottom).

The Tax Cuts and Jobs Act signed by President Trump zeroed out the $695-$2,085 Biden-Obama individual mandate tax.

But Biden has already vowed to re-impose the individual mandate tax. Here's his exchange with CNN on July 5, 2019:

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

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

See for yourself by watching the clip below:

According to official IRS data for the 2017 tax year, 74% of households liable for the individual mandate tax had an adjusted gross income of less than $50,000.

  • The individual mandate tax penalty was paid by 4,606,271 households.
  • 3,430,003 of these households had an adjusted gross income of less than $50,000.
     

Biden has some explaining to do, as he made a promise to every American making less than $400,000 per year that they would not see a single penny of ANY tax hike. This Biden tax will hit middle class households in every state and every congressional district.

IRS data below shows the number of households per state hit with this tax in just one year, 2017. This data serves as an approximation of how many households will be hit under Biden's individual mandate tax.

SWING STATES:

Pennsylvania              153,140 households
Florida                         353,210 households
Minnesota                    69,460 households
Wisconsin                   80,240 households
Michigan                     132,750 households 
Ohio                           132,140 households
North Carolina           141,730 households
Arizona                       107,360 households 
Colorado                     98,160 households
Georgia                        142,930 households
Nevada                        52,130 households

ALL 50 STATES:

Alabama                     41,960 households
Alaska                        13,370 households
Arizona                       107,360 households 
Arkansas                     41,130 households
California                    553,000 households
Colorado                     98,160 households
Connecticut                 45,200 households
Delaware                     11,230 households 
District of Columbia    5,170 households
Florida                         353,210 households
Georgia                        142,930 households
Hawaii                         10,890 households
Idaho                           31,460 households 
Illinois                         162,920 households
Indiana                        106,750 households
Iowa                            38,430 households
Kansas                         40,480 households
Kentucky                     54,310 households 
Louisiana                     64,330 households
Maine                          25,460 households
Maryland                     64,180 households
Massachusetts             89,050 households
Michigan                     132,750 households 
Minnesota                    69,460 households
Mississippi                  32,260 households
Missouri                      80,990 households
Montana                      19,770 households
Nebraska                     30,930 households 
Nevada                        52,130 households
New Hampshire          23,610 households
New Jersey                 124,430 households
New Mexico               25,500 households
New York                   260,660 households 
North Carolina           141,730 households
North Dakota             11,970 households
Ohio                           132,140 households
Oklahoma                   54,720 households
Oregon                        70,010 households 
Pennsylvania              153,140 households
Rhode Island              14,840 households
South Carolina            64,440 households
South Dakota              11,190 households 
Tennessee                    83,440 households
Texas                           559,420 households
Utah                            49,470 households
Vermont                      10,920 households
Virginia                       107,130 households 
Washington                 110,400 households
West Virginia              22,820 households
Wisconsin                   80,240 households
Wyoming                    11,090 households

Keep track of Biden's many tax hikes by visiting www.ATR.org/HighTaxJoe

See also:

Flashback: Joe Biden Broke His Middle Class Tax Pledge

Biden Wants to Raise U.S. Corporate Tax Rate Higher Than Communist China

 

 

 

 


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