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.
“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.”
“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 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.