Advocacy / Advocating for You / Social Security / Taxes

What Retirees Could Lose Under a Biden Presidency

Retirees

Several of Joe Biden’s past votes could spell trouble for retirees on issues ranging from the death tax to 401k plans. During Biden’s time in Congress, he cast a number of votes that should worry retirees, and his campaign plan included a number of tax increases affecting retirement.

Most recently, President Biden voted against ending the death tax via voting against the Estate Tax Elimination Act of 2010. However, Biden’s campaign plan goes even further in creating a new double death tax on capital gains. AMAC Action, along with small business groups and advocacy organizations, are pushing make and reportedly giving moderate Democrats weak knees about supporting the Biden tax hikes.

President Biden in 1983 voted in favor of taxing up to 50% of social security benefits for the first time. That was a bipartisan effort that came in response to a crunch in benefits. The new tax was used to fund the social security trust fund. Biden also joined a more partisan effort in 1994 under President Clinton to up the percentage of social security taxed to 85%. History shows President Biden has been more than willing to support certain tax increases on retirement.

In addition, The Washington Examiner pointed out during the 2020 campaign that President Biden’s tax plan technically raises taxes on some 401ks, contrary to his pledge not to raise taxes on anyone making less than $400,000. According to the Examiner’s piece, Joe Biden won’t admit it, but his proposal would hike taxes on the middle class: “If you’re a single earner earning the median household income, Biden’s plan would give you a $1,000 tax hike, and mostly (but not fully) offset that tax hike with a government contribution to your retirement account.”

That’s three big reasons to watch your wallet if you plan to retire soon. According to basic arithmetic, the media has been relentlessly covering for the President and Democrats, who, according to basic arithmetic, are in need of more tax dollars, including death taxes and more middle-class tax increases to fund their massive liberal spending priorities like the $30+ trillion Green New Deal. Fortunately for the country, even moderate Democrats are reportedly balking at some of the proposed tax increases on the table, and AMAC Action supported by our activists is pushing back against these tax hikes. The economic setback of the most recent jobs report combined with constituent-led resistance to tax increases has left the tax and spend agenda of the Biden administration in limbo. You can stay in the loop as Congress considers Biden’s proposals and help us continue to push back on any Democrat-led attempts to grab at your retirement savings by supporting AMAC Action today.

Bob Carlstrom is President of AMAC Action

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Diane
4 days ago

They about to tax us to death….i cant afford anymore …period

Julie
1 month ago

We already paid taxes on the money earned for social security. Why double taxing?

bmg
1 month ago

i gave you my tax blood the last 40 years let me enjoy my small retirement in peace

Bill on the Hill
1 month ago

With the current mindless idiot holding the keys to power in the WH along with his left wing liberal to the extreme employee, the so-called VP who believes her boss is a racist & a bigot & that is the only thing I can agree on coming out of Camel Toes mouth btw…With these liars & cheats running the show makes it no easier for retirees or those anticipating retiring any easier further down the road…
They will indeed tax you to death & after death…
It would be wise to plan ahead through the use of trusts or simply deeding your property to your loved ones in advance.
Many folks, myself included are ” land rich ” but ” cash poor “. Yes I own my house lock stock & barrel along with 90 acres of land consisting of a healthy mix of hardwoods, softwoods, etc…
But that simply is not the same as ” cash in hand,” for there is a world of difference…
If I ” FAIL ” to pay my taxes, I’ll find out in short order who really owns my property, won’t eye?
Bill on the Hill… :~)

Mark L
1 month ago

Well said! If I could be so bold as to add to your comment, you said you own your home “ lock stock and barrel “ for real? In fact the land you own is yours ONLY if you continue the yearly extortion payments from within the entity we refer to as the Government.
If you fail to pay then your hard work and dedication as a contributor towards the good of yourself and loved ones is all in vain. It would all go to the Government this basically applies to almost everything we own and pay property tax on so either way do we really own anything anymore?
This group in DC is determined to destroy all of this with their communistic way of governing. WAKE UP EVERYONE! We are headed down a road with no return! It needs everyone to call your elected ones and voice your concerns!

Sammy
1 month ago

The article should have been titled, “What retirees will lose under a Biden Presidency”. It’s happening. Why hide it?

Sam
1 month ago

Us senior citizens are “old and in the way”. Ask anyone under the age of 35…they’ll tell you. Interrogative; why do all the younger folks stare at their phones incessantly? Are they getting instructions from “the Mother Ship”?

Destroyers
1 month ago

We all lose-America is destroyed and all patriot are killed if possible.

dan
1 month ago

All the Dems care about is getting reelected. Old people represent a dying demographic. Also seniors are a generally conservative crowd, even the JFK dems. So there is really no incentive for the Dems, and in particular the current white house resident to “give a rat’s ass” about us. We are a big source of taxable money because of 401K and home equity, so it won’t be the rich that gets taxed. They know how to bypass it or hire lobbyists to be exempted. I equate that a senior voting for a democrat is like a chicken voting for Colonel Sanders.

Murf Appling
1 month ago

How, who, why, could any true Red Blooded American citizen vote for this former Senator, Vice President, who’s hand never touched, caressed, any part of American History??

sharon
1 month ago
Reply to  Murf Appling

Well, we all know Biden/Kamalhair did NOT WIN THE ELECTION. Dems don’t know how to do anything fair and legal.

Steve K
1 month ago

One thing that you don’t bring up is how few people the estate tax actually affects. Why don’t you bring that up? The number was millions of dollars. I wonder how many of your readers are in that class. Republicans these days don’t care squat about average working people. Ted Cruz says that his party is the party of working people. Give me a break. Republicans think that $15 an hour is too much. Most of you have to go into grocery stores. It’s been over 10 years since the last increase in the federal minimum. I don’t have to tell you how prices have gone up since then. There are too many millionaires and billionaires in Congress, especially Republican, that don’t have a clue about what it’s like for the average working stiff.

Twmon
1 month ago
Reply to  Steve K

You’re an idiot. Dimocrooks are now full communist and are seeking revenge on anyone who voted against that idiot robot biteme. If you are over 18 and working for minimum wage, no matter what it is, you are a loser. I didn’t work for minimum wage since I was 15.

Clara Fuentes
1 month ago
Reply to  Twmon

Agree. First of all to say that the Democratic Party is the party of the people goes against all evidence to the contrary. It is the party of the elite. It is the party of the communists and it is the party of slavery. Yes, the party that created the Klan and supported slavery of blacks in America. The party that continues its history of slavery up to now by making people of all races dependents of the government. The Republican Party is in the swamp too with all the corrupt RINOS in it. The Republican Party is being Shake by the only man who is fighting for the rights of working class Americans without loosing sight of the economy. By the way, the argument of increasing the minimum wage is totally out of context without considering the implications of printing money like crazy and increasing inflation by the Democrats, whose true agenda is to destroy the economy of free market. The concept of freedom is contrary to their communist agenda. There is a true populist movement in America now of people of all ages and colors, that is cleaning up the Republican Party and fighting against communism in the Democratic Party. It’s leader is a man old enough and rich enough to be just playing golf and enjoying life. Instead, he is fighting for all of us. So rather than talk shit out of ignorance and do nothing more than complaining, join the movement to save America even if that is the last thing we all do

Praisemed
1 month ago
Reply to  Steve K

Business owners know what they can afford and most do the best by their employees. If the government mandates more than they can afford, guess what. They lay off workers who cannot get a job. I realize that this president will encourage the government (us) to support them.
We did not have a minimum wage when I began work and we were able to support our family on 1 salary. As time went on and they came up with minimum wage and raised it, it took at least 2 salaries and good ingenuity to even cover the expenses. So what did we get for mandated wages for businesses? We got higher prices and more expense, more homeless people, and more people dependent on what the government would give them.
So tell me, what is the benefit of a minimum wage?

Neil Schmidt
1 month ago
Reply to  Steve K

You obviously have little or no understanding of economics and wage theory. Do you know how a minimum wage affects small businesses who are forced to pay the minimum wage? Do you know what the minimum wage does to prices and how it causes inflation for both poor and rich? If you don’t like being an “average working stiff,” it’s not our fault, yet you hide behind such a phony excuse.

If you don’t like your wage level, learn a new trade, get a college education (many trades are taught in two-year colleges) and become a millionaire yourself. Whiners like you usually stay in their own economic level, while still blaming everyone else for their bad decisions. I’m a millionaire, and I started with nothing! I was able to retire after a life of hard work. No one gave me anything, and while I was working, there was no minimum wage, no free health care, no free dental care, no free college. I had to work to pay for those things, and with no government “help,” even while in college.
Often going without a full-night’s sleep was “normal.”

I stayed in cheap rentals, bought my clothes at thrift stores, didn’t go on vacations or cruises, bought cars that were always used instead of new, and didn’t take on any debt. Was it difficult? Not really, because I was motivated to succeed. I just had goals, stuck to them, and was fortunate to have married a woman who was not extravagant. Still married to that wonderful woman, and we are still debt-free and financially stable. We plan to keep it that way.

dan
1 month ago
Reply to  Steve K

What do you think the price of those groceries will do with a higher minimum wage? Look at Seattle 2 years ago. The min wage hike made it worth automating so fast food places only used kiosks to order with one person flipping burgers and one bagging. They fired the rest. min wage workers also found that daycare and food cost increase was more than the pay increase. Min wage laws are “feel good” to some but overall a bad idea. Burger flipping at McDs is not a career, it’s a high school student’s first job and part of the “pay” is learning how to do a job.

Bonnie
1 month ago
Reply to  dan

The price of everything goes up EVERY YEAR, except the minimum wage.

Jay
1 month ago
Reply to  Steve K

Responsible people don’t stay in minimum wage jobs all their career. They pay attention and stay in school and learn the skills to go on to better paying careers. Businesses should not be required to pay more than what an employee produces in profits for the business. I suspect that many low margin businesses will have to find a way to reduce their work force if the minimum wage is raised to $15/hr either by automation, reduced staffing or by going out of business.

PTY
1 month ago
Reply to  Steve K

Minimum wage was never intended to be a career but a starting point. Anyone who believes that $15 is an entitlement is part of the Democrat/Socialist plantation. Democrat/Socialists the promoters of moral decay in society convinced that the Gov should care for one from cradle to grave when big Gov. is the disease. With every so called Gov. entitlement one loses a portion of their freedom until the day comes when you owe your soul to the Gov. store for your basic needs> That is they goal!!!

Deborah
1 month ago

We work our entire life to have a little “something” to help us when we retire and then people like this come in and want to tax you to death and after death. When your children and grandchildren can not have anything you have worked hard for, It really is enough to make you physically sick. Why not tax the democrats more and take away the money that was paid to them for the 4 years they did not work during the Trump administration and stop giving people that come into this country illegally money when our Veterans and elderly are in desperate need. Wake up folks, we need to stand up for our country and ourselves.

Georgette
1 month ago
Reply to  Deborah

I totally agree. We’ll said.

Margie Fuller
1 month ago

As a lifetime politician, Biden is not on Social Security, so why would he care??? All politicians should be on social security, just like us common citizens are. and have to pay into it instead of their own retirement plan and have to follow ALL laws they make

Gaye Hiryak
1 month ago
Reply to  Margie Fuller

That’s the truth!!

nemo
1 month ago
Reply to  Margie Fuller

“their own retirement plan”????? ….. according to the original concept of “government” , it was not to be a career… we need TERM LIMITS … NO BENEFIT PACKAGES … NO RETIREMENT PLAN … NO PRIVATE JETS …

Shirley
1 month ago
Reply to  Margie Fuller

And the Democrats would initiate a new law saying they could contribute more monies to their social security without any penalties. Like they do now. We’re still screwed! We pay them TOO much money and they NEED term limits.

John
1 month ago

I’ve got a question, “WHAT’S WRONG WITH THE GOVERNMENT, OR LACK THEREOF”? The answer is clear. Accept it, or resist? WE NEED TO,” WAKE WOKE”

Gerrye
1 month ago

What is the death tax? What is a tax on, and who pays it of you are dead?

Joni
1 month ago
Reply to  Gerrye

Death taxes are taxes imposed by the federal and/or state government on someone’s estate upon their death. These taxes are levied on the beneficiary who receives the property in the deceased’s will or the estate which pays the tax before transferring the inherited property. This is from the IRS definition.

Steve K
1 month ago
Reply to  Gerrye

Don’t worry it probably doesn’t affect you at all. It’s millions of dollars in an estate. If you would have to pay any estate tax, consider yourself very lucky. You hit the jackpot. From a federal standpoint people could pass on millions or billions on without any tax to the estate. Republicans talk about the estate tax a great deal. What they don’t tell you is the small percentage of estates that actually pays one dime.

nadine cornett
1 month ago
Reply to  Steve K

It is my understanding that small farms and businesses will be impacted, although you are probably correct that the average wage earner is not impacted by estate taxes. I just wish these news stories would present the facts and figures and not make general statements.

Bill
1 month ago
Reply to  Steve K

Ever hear of a family farm? I’ve seen lots of them that had to sell the land because they couldn’t pass it on to the family because of the land value. LOTS of small businesses fall in this category, they have lots of capital but it’s tied up in infrastructure, not liquid. That’s why you don’t see the 200 year old family businesses in this country like you do in others.
It’s theft of property that the taxes have already been paid for , nothing more.

RobinMD
1 month ago
Reply to  Steve K

I can give you four examples (farms / farm land) in my area that went to developers because the families could not afford the so-called “death tax.” Why does it even exist? Both Democrats and Republicans are responsible for not getting rid of this tax. Granted, it does not impact most, but when it does, it can be costly. IT IS TIME FOR TERM LIMITS AND AND A REDUCTION IN PAY, BENEFITS, AND EXPENSE ACCOUNTS. Like someone noted earlier, the job of politician was not meant to be a career. Pelosi, Clyburn, Schumer, and McConnell are good examples for pushing tern limits.

C’mon man
1 month ago
Reply to  Steve K

Steve K, not afraid of the dark and doesn’t mind the stink. Pull your head out kid, you’re suffocating.

BomberBuck
1 month ago
Reply to  Gerrye

The “death tax” refers to the Federal–and some States’–Estate Tax laws. Each government entity controls their own Estate Tax laws. It is a tax levied on the fair market value of the decedent’s estate minus any exemptions. Spousal inheritance is tax-free with some exceptions, i.e., you’re not married to an American citizen. The Estate Tax exemption amount was only $600,000 in 1997 (with a 55% tax on the amount above the exemption). What the government gives (i.e., Estate Tax exemptions), the Biden administration and democrats can take away. Your beneficiaries (typically your children or grand kids) pay the tax on what they inherited. Much of the reason the exemption limits are higher today is because the beneficiaries would have to sell the family business or farm to come up with the money to pay the the estate tax. Also, 5 States have “inheritance taxes.”

Lance
1 month ago

President devil and data lover Biden’s taxes , are the very last things needed.

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