Biden Does Not Want a 3 Property Tax on Homes

Editorial Team

Politics

13th September 2020

Biden Does Not Want a 3 Property Tax on Homes

Biden’s tax plan includes raising taxes for those making over $400,000 (Getty Images)

The Claim

Presidential candidate Joe Biden's tax plan calls for an additional 3% property tax on homes.

News posted on

Twitter

Andy Belk

Emerging story

Since Joe Biden announced his campaign to run for US President in the year 2020, he has put forward a tax plan as part of the general policy plan for if he is elected. In September 2020, claims have circulated virally on social media, specifically Twitter, that Biden’s tax plan involves taxing home ownership at 3% of the property value.

Misbar’s Analysis

Misbar’s investigation into this claim reveals it to be false. Biden’s tax plan includes raising taxes for those making over $400,000, raising taxes significantly on corporations with over $100 million in profits, raising capital gains taxes significantly (which impact, for example, one’s earnings on stock market investments or in one’s 401k), and raising taxes on trusts and estates (income passed down generations over $5 million). While Trump’s tax cuts reduced taxes by $2 trillion, Biden’s tax plan will raise tax revenue by $4 trillion. With these funds, Biden has proposed redistributing the wealth by reducing costs for healthcare and higher education. However, at no point in his plan does Biden intend to increase property taxes.