President Franklin Delano Roosevelt created Social Security in 1935. Today, his grandson is fighting to save it
Social Security was created by President Franklin Delano Roosevelt in 1935, but Donald Trump may end the program. Now, FDR's grandson is fighting to protect it.For James Roosevelt, Jr., it has a special significance. His grandfather created it.
The claim: Biden voted in favor of taxing Social Security
Democratic presidential candidate Joe Biden's tax plan remains a sticking point for some voters. A meme posted to Facebook on Sept. 15 says Biden is no friend of working folks because of his voting history on taxes, such as his vote for a 1983 bill authorizing a 50% tax on Social Security.
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Accounts linked to President Donald Trump and his family claim that Joe Biden called Trump supporters the "dregs of society." In reality, he said that about "forces of intolerance."A campaign account, Trump War Room, claimed on Twitter that the remark was in reference to "Trump supporters.
The former senator from Delaware was also the deciding vote in raising the Social Security tax rate to up to 85% in 1993, according to the meme.
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"His voting record on Social Security records over the years is one slap in the face to retirees after another," says the claim. "Now he wants to tax our 401k's and IRA's ... and he also wants to introduce a 3% annual tax on our homes."
Biden has said he would raise the income tax bracket for families that earn over $400,000 a year as well as corporate taxes, according to reporting from USA TODAY.
Five things to know about Biden's tax proposals
Democratic presidential nominee Joe Biden has put forth a host of tax proposals to show he would help fund increased spending in areas such as health care, education and infrastructure.The former vice president is calling for higher taxes on the wealthy and corporations, while also putting forth plans to provide and expand tax credits for lower- and middle-income families.The right-leaning American Enterprise Institute (AEI) estimated this past week that Biden's tax plans would raise $2.8 trillion from 2021 through 2030, while the Urban-Brookings Tax Policy Center (TPC), led by a former Obama administration official, put the number closer to $2.4 trillion.
More: Fact check: Biden tax plan would raise rates for those who make more than $400K, corporations
USA TODAY reached out to the user for comment.
Did Biden vote to tax Social Security?
The Social Security Amendments of 1983, which led to its taxation, is such a contentious topic on the internet that the Social Security Administration added it to its list of myths and misinformation.
Social Security benefits were "explicitly excluded" from federal income taxation before Republican President Ronald Reagan signed the amendments into law, according to the SSA. Up to 50% of benefits could be added to taxable income based on certain income thresholds from 1984, onward.
A provision of the 1993 Omnibus Budget Reconciliation Act raised the Social Security tax rate from 50% to 85% for households in a higher income bracket. The act was Democratic President Bill Clinton's first budget and marked the highest peace-time tax increases on high-income earners in U.S. history up to that time, according to the University of California, Berkeley.
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Biden voted to pass the 1983 amendments, according to records maintained by the SSA. GovTrack, a government transparency website, recorded Biden's yea vote on the 1993 Act.
Individuals who report a combined income between $25,000 and $34,000 may be liable for income taxes for up to 50% of Social Security benefits. For joint filers, the bracket is $32,000 to $44,000. Those whose earnings match or exceed the upper tier of each bracket could pay tax on up to 85% of benefits, according to the SSA.
Did Biden propose taxing 401(k)s and IRA's?
The claim alleges the Biden campaign proposes taxing retirees' 401(k)s and IRAs in addition to a 3% federal tax on property.
"It's on page 78 of the Dems' platform," says the meme.
But there's no indication of proposed taxes on 401(k) or IRA retirement accounts on Biden's official campaign website. The Democratic presidential nominee said he wants to equalize retirement plan tax benefits across the income scale, according to the Biden campaign.
Biden would accomplish this by eliminating the current deduction for contributions while providing a 26% refundable tax credit for each dollar contributed to a traditional retirement account, according to The Tax Foundation. The tax credit would be deposited into the retirement account as a matching contribution.
Hunter Biden's ex-partner says Joe Biden was involved in China deal
Tony Bobulinski told the New York Post on Wednesday that he personally witnessed Joe Biden discuss business deals with his son, Hunter, contradicting claims by the former vice president. 'I’ve seen Vice President Biden saying he never talked to Hunter about his business.‘I’ve seen firsthand that that’s not true, because it wasn’t just Hunter’s business, they said they were putting the Biden family name and its legacy on the line.
Aside from raising taxes on families in the top tax bracket, other proposed tax policies include raising the corporate tax rate from 21% to 28%, a 15% minimum tax on book income "so that no corporation gets away with paying no taxes," asking families earning over $1 million to pay wage and investment income taxes at the same rate and instituting a true minimum tax on U.S. companies' foreign earnings while penalizing corporations that outsource jobs overseas.
More: Fact check: National property tax isn't part of Joe Biden's plan
The part of the claim stating Biden would propose a 3% federal property tax has already been debunked by USA TODAY. Property taxes are collected at the state and local level, according to the article.
Our rating: Partly false
We rate this claim PARTLY FALSE, based on our research. As a senator, Biden voted in favor of two laws that authorized taxation of Social Security benefits. But Democratic presidential nominee Biden has not proposed taxing retirement accounts or a federal property tax.
Our fact-check sources:
USA TODAY, Sept. 17: "Fact check: Biden tax plan would raise rates for those who make more than $400K, corporations"
USA TODAY, Sept. 17: "Fact check: National property tax isn't part of Joe Biden's plan"
GovTrack, accessed Oct. 6: "H.R. 1900 (98th): Social Security Amendments of 1983"
GovTrack, accessed Oct. 6: "H.R. 2264 (103rd): Omnibus Budget Reconciliation Act of 1993"
University of California, Berkeley, The Bancroft Library, access Oct. 6: "1993 Omnibus Budget Reconciliation Act"
GovInfo, accessed Oct. 6: "103rd Congress in Session H.R. 2264, An Act"
Social Security Administration, accessed Oct. 6: "MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 2"
Social Security Administration, access Oct. 6: "Vote Tallies, 1983 Amendments"
The Tax Foundation, Aug. 26: "Biden’s Proposal Would Shift the Distribution of Retirement Tax Benefits"
Biden-Harris Campaign, accessed Oct. 6: "A TALE OF TWO TAX POLICIES: TRUMP REWARDS WEALTH, BIDEN REWARDS WORK"
Social Security Administration, accessed Oct. 6: "Income Taxes And Your Social Security Benefit"
Thank you for supporting our journalism. You can subscribe to our print edition, ad-free app or electronic newspaper replica here.
Fact check: Biden owns 2 of the 4 homes pictured in a viral meme
A viral meme purports to show four $3 million-$7.5 million homes Biden owns. He only owns two of them, neither of which cost more than $3 million.“Bidens 4 3.7.5 million-dollar homes on a 200k a year salary,” a reads meme posted to Facebook Oct. 20.
Our fact check work is supported in part by a grant from Facebook.
This fact check is available at IFCN’s 2020 US Elections FactChat #Chatbot on WhatsApp. Click here, for more.
President Donald Trump and Democratic presidential candidate, former Vice President Joe Biden appear in the first Presidential debate in the Sheila and Eric Samson Pavilion at the Cleveland Clinic, Tuesday, Sept. 29, 2020, in Cleveland.
President Donald Trump and first lady Melania Trump arrive for his acceptance speech to the Republican National Committee Convention on the South Lawn of the White House, Thursday, Aug. 27, 2020, in Washington.
US President Donald Trump delivers his acceptance speech for the Republican Party nomination for reelection during the final day of the Republican National Convention from the South Lawn of the White House on August 27, 2020 in Washington, DC.
Do you know these lucrative Social Security secrets?
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US President Donald Trump speaks as delegates gather during the first day of the Republican National Convention on August 24, 2020, in Charlotte, North Carolina. - President Donald Trump went into battle for a second term August 24, 2020 with his nomination at a Republican convention where he will draw on all his showman's instincts to try and change the narrative in an election he is currently set to lose.
President Donald Trump catches a baseball thrown by former New York Yankees Hall of Fame pitcher Mariano Rivera on the South Lawn of the White House on July 23, 2020 in Washington, DC. President Trump and Rivera met with youth baseball players to celebrate Opening Day of Major League Baseball.
Bill Ford Jr., executive chairman of Ford Motor Co., points to a collection of Ford GT vehicles while talking with President Donald Trump in a mask during his visit to the Rawsonville plant in Ypsilanti on May 21, 2020. Mark Meadows, White House chief of staff, is standing in the middle.
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This article originally appeared on USA TODAY: Fact check: Biden voted to tax Social Security, wants to reform retirement benefits
Majority of voters say Biden won second debate, poll finds .
Sixty-five percent of voters said the candidates were mostly respectful of each other's time, as opposed to 10% who said that after the first debate.Fifty-four percent of voters who watched the Thursday debate said Biden performed the best, while 39% said that Trump did. Eight percent of voters who watched weren’t sure or had no opinion on who did best.