Joe Manchin swings at Biden's billionaire tax, saying the superrich can't be taxed on 'things you do [View all]
Source: Business Insider
Joe Manchin swings at Biden's billionaire tax, saying the superrich can't be taxed on 'things you don't have'
Sen. Joe Manchin poured cold water on President Joe Biden's new billionaire-tax plan on Monday, dealing a potentially fatal blow to its prospects in Congress.
The wealthiest Americans shouldn't be taxed on "things you don't have," he said, according to Bloomberg. "You might have it on paper. There are other ways for people to pay their fair share, and I think everyone should pay."
The conservative Democrat's reluctance could be the end of the road for the White House's proposal. Democrats are closer to reviving swaths of their climate and healthcare agendas, but those can reach Biden's desk only if all 50 Senate Democrats back them.
The plan would establish a 20% minimum tax rate on households worth $100 million or more and would expand the definition of taxable income to include the accruing value of unsold investments like stocks or bonds, otherwise known as unrealized capital gains. Currently, gains on investments are taxed only when they're sold for cash.
Read more: https://www.businessinsider.com/joe-manchin-biden-billionaire-tax-plan-2022-3
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