Manchin Shoots Down Biden's New Billionaire Tax Plan
We ran the numbers: There are 1994 news articles covering this topic. 36% (721) are left leaning, 34% (679) are center, and 30% (594) are right leaning.
Centrist Sen. Joe Manchin (D-W.Va.) shot down President Biden’s plan to impose a 20 percent minimum tax on billionaires. While left-leaning articles highlight that taxing the "unrealized gains" of billionaires is likely to be popular, but it may also be unconstitutional, right-leaning articles highlight that taxing unrealized gains is fundamentally unfair and economically absurd.
A left-leaning article by The Hill highlights that taxing the "unrealized gains" of billionaires is likely to be popular, but it may also be unconstitutional. The Constitution originally imposed a narrow limit on Congress' taxing authority, barring any direct tax unless it's spread evenly among every person in every state.
The Hill published a centrist article reporting that Biden’s plan would set a new precedent by taxing the value an asset accrues in theory before it is actually sold and converted into cash. Manchin’s opposition means Biden’s proposal is likely dead.
A right-leaning article by Washington Examiner highlights that taxing unrealized gains is fundamentally unfair and economically absurd. Biden’s plan could also drive more investment returns overseas.