Sen. Manchin Casts Doubt on President Biden’s ‘Billionaire’ Tax Plan
March 30, 2022 | District of Columbia, West Virginia
Sen. Joe Manchin, D-W.Va., declined to support President Joe Biden’s new plan of imposing a 20% minimum tax on billionaires Tuesday, according to The Hill.
The centrist senator questioned the legality of Biden’s unprecedented proposal — which was unveiled to Congress on Monday — despite the selling point of potentially raising $360 billion in deficit-reducing revenue.
“You can’t tax something that’s not earned — earned income is what we’re based on,” Manchin said. “There’s other ways to do it. … Everybody has to pay their fair share, that’s for sure. But unrealized gains is not the way to do it, as far as I’m concerned.”.. (Excerpt from Newsmax)
