Sen. Mike Braun, R-Ind., discusses Sen. Joe Manchin saying he won’t revive Biden’s Build Back Better plan.
The Build Back Better was rejected by Joe Manchin, but he also stood strong against another time. Joe Manchin opposed a Democrat proposal that sparked a wildfire of conflict amid the party, as previously reported.
The president came out with a new plan to raise $360 billion in revenue by imposing a 20 percent minimum tax on billionaires but was shot down a few days later by Manchin, who said that he doesn’t support the president’s plan to tax the unrealized gains of billionaires, which would set a new precedent by taxing the value an asset accrues in theory before it is actually sold and converted into cash.
“You can’t tax something that’s not earned. Earned income is what we’re based on. There’s other ways to do it. Everybody has to pay their fair share,” Manchin said, per report.
“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,” added Manchin.
Biden’s proposal is likely dead only a day after the White House unveiled it, because of Manchin’s opposition.
Many of the nation’s richest individuals, such as Jeff Bezos and Elon Musk, have been able to pay little or nothing in income tax by not declaring income, which is the problem with taxing just the regular income of billionaires.