Joe Manchin Rejects Biden Plan For 20% Tax For Billionaires

Sen. Joe Manchin (D-W.V.) said Tuesday he would not support President Joe Biden’s proposed “minimum tax on billionaires,” which would impose a 20% minimum tax on households worth over $100 million and would target unrealized gains, the second time in five months Manchin has opposed the administration’s efforts to realize a dramatic targeted tax increase on the richest Americans.

Stay Connected

[sircharlesnot]

20% tax on billionaires is profoundly un-American

[eugenes]

Taxing unrealized gains is beyond bananas! Using this logic, in ~5 years, there won't be a single household left worth over $100M (In America).

[frostedsleet]

Come on over Manchin. Switch parties already. 😃

[lady]

Good. Hey yall gonna report on this laptop??

[CP-eslm]

Remember the income tax started at like 2% at incomes above $100k in the 1910’s ($2.5 million in 2022 dollars) and everyone else at 1% now look at the rates. This crap would spread to everyone like it did back then. Taxing unrealized gains could mean the government assessing your house at double the value then expect the cash from that gain. Anyone who says this would stay with billionaires is extremely naive.

[davidbarnes]

Senator Manchin may be a Democrat yet he would have my vote. Probably the strongest man in Congress in the last 12 months. Standing up for what is right -not politically correct.

[gilesbowman]

Yes, BUT he voted for the SCOTUS nominee, and that's not good!

[riverspirit]

But they will own nothing and they will be happy!

[petercristo]

Joe Manchin's right. Income Taxes should be on income not perceptions or uncrystalized gains. Imagine being taxed before you get your paychecks for the year(you might even get laid off midyear)

[KickMoreAss]

GOOD. Because if that tax bill passed. The whole MARKET WOULD CRASH and we would be screwed for decades.

[petercristo]

Omg, I'm no CPA but I know what income is....

[fmortal]

Thank you Mr. Manchin!! Anybody that understands economics understands that this will trickle down to the average consumer and erase the middle and low middle class!

[mallorywest]

Joe: As a Registered Republican I thank you from the bottom of my very middle class heart ❤️
Please continue standing with Americans (the Real Ones) until November when the World will see what a True Landslide looks like in a mid-term. #BoycottDisney too!

[justinedwards]

told you his budget was dead in the senate hahaha

[mmctest]

Once again thank you Senator Manchin. Kill the budget save Senator Manchin and save the country. Let's hope and pray for everyone to see the light and do the right things for everyone not just themselves. My opinion

[sivytxr]

Those shitty billionaires aren’t taxed at all, they are hiding there income’s from people of this country, must taxed! Let’s go Brandon!

[caseyanders]

No offense, but the poor have had enough. We’re not going to be dictated to by greedy sycophants and their lapdogs.