Joe Biden made a very bizarre statement about the capital gains tax at the Democratic Debate last night. Here’s the 411…
When Joe was queried about the plans by Warren and Sanders to
eat the rich tax the wealthiest Americans at a higher rate, he responded in a way that viewers just couldn’t follow.
Biden responded, “Demonizing wealth… I talked about how you get things done. The way to get things done is take a look at the tax code right now. The idea, we have to start rewarding work, not just wealth. I would eliminate the capital gains tax — I would raise the capital gains tax to the highest rate of 39.5%. I would double it, because, guess what? Why in God’s name should someone who is clipping coupons in the stock market make, in fact, pay a lower tax rate than someone who in fact is, like I said, who is a school teacher and a firefighter?”
If you can’t make much sense of that, you’re not alone.
Watch the strange, strange moment:
#NEW: Former VP Biden on reforming the U.S. tax system: “Why in God's should someone who's clipping coupons in the stock market … pay a lower tax rate than someone who is a school teacher and a firefighter?” pic.twitter.com/FCHBBZr3KL
— Alex Salvi (@alexsalvinews) October 16, 2019
Was he talking about coupons from the supermarket or coupons in the stock market? It’s unclear if even he knows what he’s talking about.
Is he also implying that teachers and firefighters don’t invest in the stock market?
It was a hot mess of a statement.
My god! He made more sense when he was bleeding from the eye & talking smack about Corn Pop. https://t.co/fNXA8o5cuC
— Rita Panahi (@RitaPanahi) October 16, 2019
Is there something wrong with Joe? Some think that there are warning signs.
Someone push his life alert button before he’s fallen and he can’t get up.
— Heath Heon (@Skyfer74) October 16, 2019
He clearly has early stages of dementia. Its literally so obvious.
— Jeremy Libenstein (@JLibenstein) October 16, 2019
Coupon-clipping is a commonly used phrase refering to earning dividends on bonds, but… not everyone knows that.
If you’re confused as to what “clipping coupons in the stock market means,” you are not alone.
— Daily Caller (@DailyCaller) October 16, 2019
Coupon clipping is a phrase that refers to bonds, in which the bondholder tears off one of the attached coupons and receives payment. Well known to investors.
— jschmukendorf (@jschmukendorf1) October 16, 2019
Some attempted to clarify what Joe meant.
Clipping coupons is actually a saying for collecting interest on bonds or in this case, dividends from equities. I guess he means he wants to tax all dividends as ordinary income
— The Barbarian (@TheBarbarian1) October 16, 2019
Coupon bonds. It’s a way people can earn dividends without working and it gets taxed at a lower rate
— FrankLescas (@FLescas) October 16, 2019
Bond coupons are considered interest and already taxed at the income tax rate, not capital gains rate.
— Blake Perry (@BlakeCPerry) October 16, 2019
His reference was clearly out of date.
Maybe he was just remembering the “good ol’ days” when he was threatening Corn Pop at a public swimming pool with a rusty chain.
Back in the old days before computers there were coupons associated with trading.
— Christine Vanelli (@ChristineVanel2) October 16, 2019
In the old days you did have a physical bond coupon that you used to collect your interest payment.
— Tom Palmer (@PalmBomb) October 16, 2019
Clipping Coupons! That is worse than his record player remark! Bonds (not stocks) had coupons that would be clipped off and sent in receive payments. A practice that pretty much ended in the late 1960’s.
— Steve Tessen (@FoodFun4Now) October 16, 2019
Bonds had coupons payments at one time,he is old very old .
— SpaceGhost (@Deathmetalpat) October 16, 2019
This is doubtful; he’s not THAT old but maybe he’s talking about “Bond coupons”? The invention of computers has made the actual coupons obsolete but back in the day investors who bought “bond coupons” were given physical, engraved certificates as proof. But this was decades ago.
— Carlos Shepherd (@clshep1) October 16, 2019
It’s 1956, and Biden’s mom goes to the safe deposit box at The Bank of Delaware every 6 months, removes her Penn Central bond, clips the coupon off the bottom, and gives it to her banker for redemption. Yup, those were the good old days.
— Robert G. (@dmkchf) October 16, 2019
He's not utterly insane but his financial knowledge is decades out of date.
— Opening Tirade (@openingtirade) October 16, 2019
Biden has been in so deep for so long with “old money” liberals that he’s talking about the old timey way of clipping & depositing interest “coupons” from bonds. Only fatcat insiders use that term.
— Found Objects (@found_objects) October 16, 2019
There were some people who were very excited about the prospect of stock market coupons… or just mocked it.
I want stock market coupons!! Hell, sign me up!
— Xyerth (@mtwinegar) October 16, 2019
Do I get double coupons on Tuesdays?
— Cheryl Harris (@CAHarris812) October 16, 2019
I’ll be trying to find out when double coupon day is at the stock market. Will share when I do 👍🏻
— Katrina (@katrina13357598) October 16, 2019
You didn’t get your coupons for Transports and Pharmaceuticals in the newspaper this week?
— Monste’Russ 🎃 (@russellclaude) October 16, 2019
I got 2,000 shares of APPL 20% off in the Sunday Times.
— James Bennett (@TheRealJamesFB) October 16, 2019
I just clipped my BOGO Apple stock coupon.I wish I knew it was that easy all these years.
— Kevin Koch (@KevinKo91254637) October 16, 2019
Is today double coupons for energy?
— Jim Crandley (@crandley_jim) October 16, 2019
I like clipping coupons while listening to my victrola pic.twitter.com/nR4B2lunPb
— R5264D (@R5264D) October 16, 2019
The more he talks, the older he looks. No amount of plastic surgery can fix that.
It might be time to retire, Joe. Strike three and you’re out.
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