Joe Biden and President Trump are fighting over the president̵
The lawsuit: Biden voted in favor of social security taxation
Democrat presidential candidate Joe Biden’s tax plan remains a problem for some voters. A meme posted on Facebook on September 15 said Biden was not a friend of the workers because of the history of his vote on taxes, such as his vote for a 1983 bill allowing a 50 percent social security tax.
The former Delaware senator was also the deciding vote to raise the Social Security tax rate to 85% in 1993, according to the meme.
“His record for voting in social security files over the years has been one slap in the face to retirees after another,” the statement said. “Now he wants to tax our 401,000 and the IRA … and he also wants to impose a 3% annual tax on our homes.”
Biden said he would raise the income tax category for families earning more than $ 400,000 a year, as well as corporate taxes, according to a report by USA TODAY.
More ▼: Fact Check: Biden’s Tax Plan Would Raise Rates for Those Who Make Over $ 400,000 Corporations
USA TODAY turned to the user for comment.
Does Biden vote for taxation?
The 1983 changes to social security that led to its taxation are such a controversial topic on the Internet that the Social Security Administration added it to its list of myths and misinformation.
Social security benefits were “explicitly excluded” from federal taxation before President Ronald Reagan signed the amendments to the law, according to the SSA. Up to 50% of benefits may be added to taxable income on the basis of certain income thresholds from 1984 onwards.
Provision of the Budget Reconciliation Act of 1993 Omnibus raised the social security tax rate from 50% to 85% for higher-income households. The bill is the first budget for Democratic President Bill Clinton and marks the highest tax increases in peacetime for high-income people in U.S. history to date, according to the University of California, Berkeley.
Biden voted to accept the 1983 amendments, according to the records maintained by the SSA. GovTrack, a government transparency website, recorded Biden’s vote on the 1993 law.
Individuals who report a combined income of between $ 25,000 and $ 34,000 can incur income taxes of up to 50% of social security benefits. For joint filing files, the parenthesis ranges from $ 32,000 to $ 44,000. Those whose incomes match or exceed the upper tier of each group can pay up to 85% of the benefits, according to the SSA.
Did Biden offer to tax 401 (k) and IRA?
The lawsuit alleges that Biden’s campaign proposes taxing retirees 401 (k) and IRAs in addition to a 3% federal property tax.
“This is on page 78 of the Dems platform,” the meme said.
But there is no data on proposed taxes on 401 (k) or IRA pension accounts on Biden’s official campaign website. The Democratic presidential nominee said he wanted to equalize tax breaks on the pension plan on the income scale, according to Biden’s campaign.
Biden would achieve this by eliminating the current deduction of contributions, while providing a 26% refundable tax credit for every dollar paid into a traditional pension account, according to the tax foundation. The tax credit will be deposited in the pension account as a corresponding contribution.
In addition to raising taxes on families in the highest tax category, other proposed tax policies include raising the corporate tax rate from 21% to 28%, a minimum tax of 15% on book income, “so that no corporation escapes non-tax “request of families earning more than $ 1 million to pay payroll and investment income taxes at the same rate and the introduction of a genuine minimum tax on foreign income of U.S. companies while punishing corporations who assign work abroad.
More ▼: Fact check: The national property tax is not part of Joe Biden’s plan
The part of the lawsuit stating that Biden will propose a 3% federal property tax has already been debunked by USA TODAY. According to the article, property taxes are collected at the state and local levels.
Our rating: Partly incorrect
We estimate this statement PARTIALLY FALSE based on our research. As a senator, Biden voted in favor of two laws that allow the taxation of social security benefits. Democratic presidential nominee Biden is not proposing taxation of pension accounts or a federal property tax.
Our sources for fact verification:
- USA TODAY, Sept. 17: “Fact Check: Biden’s Tax Plan Will Raise Rates for Those Who Make Over $ 400,000 Corporations”
- USA TODAY, Sept. 17: “Fact Check: National Property Tax Not Part of Joe Biden’s Plan”
- GovTrack, accessed 6 October: “HR 1900 (98th): Amendments to Social Security since 1983”
- GovTrack, accessed 6 October: ‘HR 2264 (103rd): Omnibus Budget Reconciliation Act 1993’
- University of California, Berkeley, Bancroft Library, accessed October 6: 1993 Budget Reconciliation Act
- GovInfo, accessed 6 October: ‘103rd Congress in Session HR 2264, Law’
- Social Security Administration, accessed 6 October: “MYTHS AND NON-INFORMATION ON SOCIAL SECURITY – Part 2”
- Social Security Administration, accessed 6 October: “Voting flights, 1983 amendments.”
- Tax Foundation, August 26: “Biden’s proposal would shift the distribution of tax benefits on retirement”
- Biden-Harris Campaign, available on October 6: “A TALE OF TWO TAX POLICIES: TRUME REWARDS WEALTH, WORK WITH PRIZES
- Social Security Administration, available on October 6: “Income taxes and your social security benefits”
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