President Joe Biden and his senior advisers meet with U.S. Senator Joe Manchin (D-W.Va.), Thursday, October 7, 2021, in Counselor to the President Steve Ricchetti’s West Wing office. (Official White House Photo by Cameron Smith)
Joe Biden’s new tax proposal on “billionaires” is dead on arrival as Senator Joe Manchin (D-WV) has said he will not support the proposal, the National Review reports.
Manchin told The Hill that he will not support the plan which would tax unrealized gains on people worth over $100 million.
Manchin boldly stated, “you can’t tax something that’s not earned.”The scheme, looks to tax appreciation of assets that haven’t been sold. So, if a home increases in value $100,000 you would owe taxes on that.
One Democrat in the Senate disagreeing with the Democrats overall agenda essentially kills it in a highly contentious 50-50 Senate.
Elizabeth Warren cheered the idea, but it appears it is only a dream for her now.