So What If Targeting Jerome Powell Is Politically Motivated?
A CNBC Host Delivered One Remark That Wrecked a Dem Senator's Entire Narrative...
Why Are So Many Leftists Such Trash?
Trump Finally Fixed the Food Pyramid
In Reelection Launch, Josh Shapiro Admits Violent Attack Almost Drove Him From the...
Will Eric Swalwell Be Killed Off the Ballot?
It Depends on Where You Stand
Something Doesn’t Add Up
America’s Choice: A Civil Society or Dangerous Insurrection!
Are You Being Baited Into Rage?
Dignity for Thee—Not for Me
Kids’ Winter Cure for Nature Deficit Disorder
Regime Change in Venezuela: Key to Global Advance of Democracy and Peace
Trump Imposes 'Immediate' Tariffs on Iranian Trade Partners As Anti-Regime Protests Grow
Meta Taps Trump Ally for High Level Job
Tipsheet

Joe Manchin Is the Grim Reaper for Most of the Left's Agenda Items...And He Just Killed Another One

AP Photo/Patrick Semansky

A tax slapped on billionaires is unconstitutional. You cannot have a wealth tax. This has long been documented, but please don’t tell the Democrats. I want to keep this ongoing theater of broken dreams going. They have no mandate to do what they’re doing concerning government spending. None. They think they do, which is why things are such a mess. And the irony of it all is that Democrats are the ones mucking up the works for a Biden legislative win. It’s right there, folks. Right there. It’s the $1.2 trillion bipartisan infrastructure bill that has over a dozen GOP senators on board. It also has GOP support in the House, along with most of the moderate Democrats. It's still a terrible bill, but it's one that can easily pass. Joe knows he needs a win on this front. Well, it’s right there. It’s the progressives who want the $3.5 trillion reconciliation package passed first that are clogging the spot. They want this passed first and won’t even look at the $1.2 trillion package until then. The Democrats are stopping…the Democrats from passing a bill Joe desperately needs.

Advertisement

And now, the billionaires’ tax proposal is a hard ‘no’ from Sen. Joe Manchin (D-WV) (via NYT):

Senate Democrats’ plan to extract hundreds of billions of dollars from the wealth of billionaires hit a major snag on Wednesday when Senator Joe Manchin III, Democrat of West Virginia, denounced it as divisive.

The billionaires tax, officially unveiled early Wednesday morning, may have died before the ink was dry on its 107-page text. Mr. Manchin, speaking with reporters, said, “I don’t like the connotation that we’re targeting different people.” People, he added, that “contributed to society” and “create a lot of jobs and invest a lot of money and give a lot to philanthropic pursuits.”

“It’s time that we all pull together and row together,” he said.

The proposed tax would almost certainly face court challenges, but given the blockade on more conventional tax rate increases imposed by Senator Kyrsten Sinema of Arizona, Democrats have few other options for financing their domestic agenda. Finance Committee aides expressed surprise at Mr. Manchin’s position, insisting that he had expressed at least mild support to the committee’s chairman, Senator Ron Wyden, Democrat of Oregon.

If the proposal can be enacted over Mr. Manchin’s concerns, billionaires would be taxed on the unrealized gains in the value of their liquid assets, such as stocks, bonds and cash, which can grow for years as vast capital stores that can be borrowed off to live virtually income tax free.

Advertisement

Related:

WOKE

Manchin and Sen. Kyrsten Sinema (D-AZ) have delivered multiple double-taps to the far-left’s action item list. Manchin a ‘hell no’ on that billionaires’ tax; Sinema isn’t budging on hiking corporate tax rates. I’m liking these two more and more. In fact, funny how two Democrats are the ones who have become the firewall against full-blown socialism. 

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement