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.
???? Manchin a no on billionaire tax!— Jake Sherman (@JakeSherman) October 27, 2021
After Sinema was a no on raising marginal and corporate rates. https://t.co/jg339MyclB
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.
Because of @Sen_JoeManchin opposition, the Dem leadership and White House sources tell us that the billionaire tax is all but dead.— Jake Sherman (@JakeSherman) October 27, 2021
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.