Has Biden Proposed An Annual 3% Federal Tax On Homes?
Posts claiming that Joe Biden plans to increase Property tax rate by 3% once he is elected have been circulating on social media with references to his eligibility as a candidate over Trump.
These posts are not backed up by any fact and one of the most reposted of them reads; "Biden wants to put a 3% annual federal tax on your home. Do you want him for POTUS?" This claim is not true.
Not only has Biden not proposed an imposition of tax on properties, he does not have the legal right to do so. Furthermore, Article 1, Clause 9, Section 4 of the Constitution provides that no direct tax shall be laid by the Federal Government except in matters relating to the population.
Even though there are exceptions such as the Federal Income Tax permitted by the 16th Amendment. However, property tax is not one of those exceptions. In fact, property tax falls within the jurisdiction of the State Government and the local government with the State government in charge of making laws on the imposition of property tax that the local government must follow.
AP News also debunked the claim by stating that they reached out to Garrett Watson, a senior policy analyst for the Tax Foundation who informed them that there is nothing relating to a 3% tax increase in homes in Biden's tax proposal.
Independent analysis of Biden's tax proposal by nonpartisan organizations revealed that Biden's tax initiative will increase taxes for the 1% top earners in the United States only by 13% - 18% of after-tax income. This initiative will indirectly increase tax for every other person that does not fall within this category by 0.2% to 0.6%.
Corporate tax will also go up from 21% to 28% and the end result of all his initiatives will reduce after tax payment in various degrees for Americans.
Thus, the claim that Biden plans to increase property tax by 3% is false.