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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