Biden tax plan does not include a 3% federal tax on homes
CLAIM: Democratic presidential candidate Joe Biden wants to introduce a 3% annual federal tax on your home.
AP’S ASSESSMENT: False. Nothing in Biden’s tax plan indicates homeowners would be subject to an additional 3% federal property tax. Experts who have analyzed the plan confirmed to The Associated Press there was no evidence to support the claim.
THE FACTS: A post circulating widely on Facebook this week claims homeowners can expect higher taxes on their property if Biden is elected.
“Biden wants to put a 3% annual federal tax on your home,” the post reads. “Do you want him for POTUS?”
Biden has not proposed a federal property tax, nor do analyses of his economic proposals suggest his presidency could result in such a tax.
Gordon Mermin, a senior research associate for the Urban-Brookings Tax Policy Center, told the AP in an email he was “not aware of any proposed federal taxes on homes nor is there anything in the plan that might be construed as such.”
“Looks like nonsense,” Mermin said.
Garrett Watson, a senior policy analyst for the Tax Foundation, also told the AP he had not seen anything related to a 3% federal tax on homes in any of Biden’s tax proposals.
During the Democratic primaries, some candidates discussed an annual wealth tax, which could also be levied on homes owned by wealthy individuals. “But Biden has not included a wealth proposal in his tax plan,” Watson said.
Biden has campaigned on economic proposals that he claims will benefit American workers and ensure the wealthiest Americans pay their fair share of taxes.
Independent analyses of Biden’s tax plan from the two above nonpartisan groups, as well as others, say it would increase the corporate tax rate to 28%, add a 12.4% Social Security tax for earners above $400,000 and roll back tax cuts that President Donald Trump introduced for those making $400,000 or more, among other changes.
The AP previously debunked a false claim that Biden’s tax plan would increase the tax rate for families making $75,000 from 12% to 25%.Biden’s campaign did not respond to a request for comment.
This is part of The Associated Press’ ongoing effort to fact-check misinformation that is shared widely online, including work with Facebook to identify and reduce the circulation of false stories on the platform.
Here’s more information on Facebook’s fact-checking program: https://www.facebook.com/help/1952307158131536