Biden: I Will Raise Capital Gains Taxes

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Posted by John Kartch on Friday, February 7th, 2020, 9:17 PM PERMALINK

Joe Biden once again called for an increase in the capital gains tax during the NBC Democrat presidential debate tonight.

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

Raising the capital gains tax isn't a new issue for Joe Biden, who has said that "every single solitary person" would be required to pay a 40 percent tax on capital gains.

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, or 20 percent, depending on income level.

Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.

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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