FACT CHECK: Has Joe Biden Proposed An Annual 3% Federal Tax On Homes?
A viral Facebook post shared over 4,300 times claims Democratic presidential nominee Joe Biden “wants to put a 3% annual federal tax on your home.”
Independent analyses of Biden’s tax plan show no such tax is included. A spokesperson for the Biden campaign said the claim is false.
Social media has in recent weeks been replete with claims about the various policy proposals that Biden, the Democratic presidential nominee, has put forth.
This particular post claims that Biden wants to implement a “3% annual federal tax on your home” if he gets elected. Under current law, state and local governments collect property taxes, while the federal government collects a capital gains tax on certain real estate sales, according to SFGate.
None of the reports about Biden’s tax plan from organizations such as the Urban-Brookings Tax Policy Center, the Tax Foundation, the Penn Wharton Budget Model, the American Enterprise Institute and the Committee for a Responsible Federal Budget mention anything about a federal property tax. The economic policies outlined on Biden’s campaign website also don’t propose the federal property tax described in the post.
“Based on our review of Biden campaign materials and conversations with campaign staff/advisors we are not aware of any proposed federal taxes on homes,” Gordon Mermin, a senior research associate at the Urban-Brookings Tax Policy Center, told the Daily Caller News Foundation in an email.
A spokesperson for the Biden campaign also confirmed to the DCNF that the information in the post is false. (RELATED: How Many Times Has Joe Biden Run For President?)
Biden’s tax plan proposes, among other things, increasing the corporate tax rate to 28 percent, placing a 12.4 percent Social Security tax on people earning over $400,000 and rolling back the tax cuts that President Donald Trump signed into law for those making $400,000 or more, according to analyses from the Tax Foundation and Urban-Brookings Tax Policy Center.
This isn’t the first time social media users have made erroneous claims about Biden’s tax plan. Check Your Fact recently debunked the claim that his tax plan would raise income taxes from 12 percent to 25 percent for families making $75,000.
This fact check is available at IFCN’s 2020 US Elections FactChat #Chatbot on WhatsApp. Click here, for more.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].