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 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.”