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Joe Biden possible presidential campaign, 2016/Taxes
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 Joe Biden |
Vice President of the United States (2009-2017) U.S. Senator (1973-2009) |
 Democratic candidates: |
2028 • 2024 • 2020 • 2016 |
This page was current as of the 2016 election.
- In January 2015, Joe Biden supported the Obama administration's plan to create tax breaks for working families that would be offset with higher taxes on certain capital gains and instituting new taxes on some inheritances. [1] Biden said in an interview with George Stephanopoulos, "Why should somebody who's been left $10 million in stock that, in fact, when they bought it, it now is worth $50 million–why shouldn't they pay tax when they inherited it? ... It's a real easy choice. Do you want to continue to help trust fund babies...who are good people–that's not a pejorative term. [But] Last thing they need is another $210 billion tax cut when you can put that money into making sure people get a tax cut to help with childcare, help with sick leave, help with being able to own their homes."[2][3]
- Biden played a significant role averting the 2013 fiscal cliff when the nation was poised to hit its statutory borrowing limit; a series of tax cuts were set to expire; and across-the-board spending cuts were set to go into effect at the end of 2012, all of which threatened to push the economy into recession. The eleventh-hour deal that Biden struck with Mitch McConnell, Republican of Kentucky, who was then Senate Minority Leader, permanently extended George_W_Bush-era tax rates for all Americans except those with individual incomes over $400,000 and families with incomes over $450,000. Those making over that saw their tax rate rise to 39.6 percent rate, up from 35 percent. [4] [1]
| Biden discusses tax cuts during the vice presidential debate with Paul Ryan in October 2012. |
- In a September 2008 interview on ABC's "Good Morning America," Biden said paying higher taxes is "patriotic" and that it's "time to jump in, time to be part of the deal, time to help America out of the rut."[5]
- Biden voted in favor of an amendment to S 2020 - Tax Relief Act of 2005, which would have restored a higher tax rate for top income earners until the federal government's budget deficit was eliminated.[6]
- Biden voted against H R 1836 - Economic Growth and Tax Relief Reconciliation Act of 2001, colloquially known as one of the Bush tax cuts, which instituted significant reductions in tax rates and changes to the Internal Revenue Code over a period of several years. In a speech on the Senate floor, Biden opposed tax cuts for the wealthy, saying, "This is about values. My friend from Arizona says morality. Give me a break. Morality? This is about values. This is about what you value. Is it of a higher value to you to make sure that the fewer than .1 percent of the people in America, numbering literally in the thousands, who will have to pay an estate tax over $3 million, the first $3 million, no tax, will have their rate dropped from 55 percent to 53 percent instead of 55 percent to 50 percent, is that of greater value and moral content than paying for tens of thousands of Americans sitting in this gallery, listening to this debate being able to send their kid to school?"[7][8]
- Biden voted against H R 8 - Death Tax Elimination of 2000, a bill to phase out the gift and estate tax that ultimately passed Congress but was vetoed by President Bill Clinton.[9]
- Biden voted in favor of H R 4810 - Marriage Tax Relief Reconciliation of 2000 to increase tax relief for married couples..[10]
- In 1999, Biden voted against S 1429 - Taxpayer Refund Act of 1999, which would have produced a "net tax reduction of up to $792 billion" over a ten-year period.[11][12]
Recent news
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See also
Footnotes
- ↑ 1.0 1.1 White House.gov "Taxes" accessed Sept. 17 2015
- ↑ ABC News, "Joe Biden on SOTU: 'Going to Be Some Stark Choices," accessed May 27, 2015
- ↑ Wall Street Journal, "Biden: Nobody Thinks Tax Increases Would Damage the Wealthy," January 21, 2015
- ↑ Washington Post "How McConnell and Biden pulled Congress away from the fiscal cliff" Jan. 2, 2013
- ↑ The Huffington Post, "Biden: It's Patriotic For Wealthy Americans To Pay Higher Taxes," October 19, 2008
- ↑ Congress.gov, "S.Amdt.2610 to S.2020," accessed May 27, 2015
- ↑ Congress.gov, "H.R.1836 - Economic Growth and Tax Relief Reconciliation Act of 2001," accessed May 27, 2015
- ↑ C-SPAN, "Senate Session, May 17, 2001," accessed May 27, 2015
- ↑ Congress.gov, "H.R.8 - Death Tax Elimination Act of 2000," accessed May 27, 2015
- ↑ Congress.gov, "H.R.4810 - Marriage Tax Relief Reconciliation Act of 2000," accessed May 27, 2015
- ↑ Congress.gov, "S.1429 - Taxpayer Refund Act of 1999," accessed May 27, 2015
- ↑ Congress.gov, "Report of the Committee on Finance on the Taxpayer Refund Act of 1999," accessed May 27, 2015
