Credit: Michael Brochstein/ZUMA Press
Another day, another foiled billionaire tax.
Democratic Sen. Joe Manchin wasted little time signaling his lack of support for Joe Biden’s new proposal to tax the richest of the rich.
To help fund his agenda, Biden wants to impose a minimum 20 percent tax on the total incomes of Americans (not just billionaires) with a net worth of $100 million-plus. Twenty percent may not sound like much, given the current 37 percent marginal tax rate on incomes north of $647,850 for a couple. But because dudes like Bill Gates, Elon Musk, Jeff Bezos, and even Warren Buffett structure their finances to avoid taxable income, the administration is redefining income here to include the paper profits on unsold stocks and other assets.
The administration aimed to avoid a wealth tax like the one previously introduced by Sen. Elizabeth Warren (D-MA)—which, as the Wall Street Journal’s Richard Rubin and others have explained, is more constitutionally complicated. To be fair, even this Biden plan would have faced legal […]
Manchin, a bought out political prostitute -and disgrace to the Democratic Party. Another two sad facts; he could care less about the earths existence, or that West Virginians are among the poorest and most uneducated in the United States. Manchin lays in bed every night with MONEY,,, at the peoples expense.
Billionaires should be banned. It would take me 4000 LIFETIMES to make one billion dollars. How is that right in a democracy?