Humiliation for Biden as Democrat Billionaire Income Tax Bill Targeting America’s Richest 700 Is Scraped Just Hours After Unveiling
- Billionaire’s Tax Proposal Was Introduced Today By Senator Ron Wyden
- It would have levied taxes on unrealized gains in the financial assets of the ultra-wealthy, such as stocks and bonds, rather than just a capital gains tax
Democrats’ proposal to pay a new billionaire tax for Joe Biden’s Build Back Better agenda was reportedly scrapped Wednesday, the same day the details for the proposal were rolled out.
It was introduced earlier today by Senator Ron Wyden (D-Ore).
Rep. Richard Neal (D-Mass), chairman of the House Ways and Means Committee, said at a news conference that the tax is “outside the Biden plan.”
The proposed tax would have hit the profits of those with more than $1 billion in assets or incomes over $100 million a year and will fund the president’s sweeping $2 trillion in social reforms and climate change spending.
Republicans criticized the tax on billionaires as an “ill-considered plan,” and some have suggested it would become a legal challenge.
Even some Democrats have expressed concern — Neal previously said he told Wyden that the tax could be harder for billionaires to implement than the path his panel took by simply raising tariffs on corporations and the wealthy.
Virginia Senator Mark Warner told Huffington Post that he feared the tax would disrupt markets.
“The devil is in the details,” Warner said.
The plan finally fell through six hours after it was announced when moderate Senator Joe Manchin (D-WV), one of two members of the president’s party in the upper house who supported Biden’s ambitious social reform and climate change plans, expressed concern. expressed.
Manchin said on Wednesday he “didn’t like” the billionaire’s tax.
‘I do not like it. I don’t like the connotation that we target different people, as people who have basically contributed to society and created a lot of jobs and a lot of money and given a lot to philanthropic activities,” Manchin told CNN.
He added, “But it’s time for us all to get together and grow together.”
Earlier reports said Manchin was in favor of the new tax plan after meeting Biden and fellow Senate Member Kyrsten Sinema (D-Ariz) late Tuesday.
Biden touted a so-called ‘wealth tax’ as he campaigned in 2020