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.”

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