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What Retirees Could Lose Under a Biden Presidency

Posted on Tuesday, May 25, 2021
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by AMAC, Bob Carlstrom
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37 Comments
taxes

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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Lance
Lance
2 years ago

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

Gerrye
Gerrye
2 years ago

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

John
John
2 years 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”

Margie Fuller
Margie Fuller
2 years 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

Deborah
Deborah
2 years 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.

Steve K
Steve K
2 years 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.

Murf Appling
Murf Appling
2 years 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??

dan
dan
2 years 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.

Destroyers
Destroyers
2 years ago

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

Sam
Sam
2 years 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”?

Sammy
Sammy
2 years ago

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

Bill on the Hill
Bill on the Hill
2 years 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… :~)

bmg
bmg
2 years ago

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

Julie
Julie
2 years ago

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

Diane
Diane
2 years ago

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

Thomas Ratliff
Thomas Ratliff
1 year ago

So, are we past due for a REVOLUTION? What are we waiting for? Joe is NOT our President, literally, NOT!

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