Manchin open to billionaires tax to fund Biden social spending bill

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Manchin told reporters he did not back down from his call for a bill worth more than $1.5 trillion

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Moderate Democratic Senator Joe Manchin of West Virginia indicated Monday that he would support proposals targeting billionaires amid ongoing talks within the party toward a deal on President Biden’s sweeping social spending bill.

Manchin told reporters, “I’m open to any sort of thing that pays people who just aren’t paying, so people who don’t report income like you and me earn income.” ” “There has to be a way for them to pay their fair share.”

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President Biden and his Democratic allies have argued that the increased tax on the wealthiest Americans would cover the cost of their social spending bill, which is expected to be around $2 trillion. But some moderates, including Arizona’s Sen. Kirsten Cinemas, have pushed against the prospect of a corporate tax hike.

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Democrats Plan Ultra-Billionaire Tax to Spend Bill

On Sunday, Treasury Secretary Janet Yellen said Senate Finance Committee Chair Ron Wyden, D-Ore., would propose an annual tax on billionaires’ unrealized investment gains this week. Biden is among those who have expressed support for the concept, sometimes referred to as a “wealth tax,” that would tax billionaires on gains in their asset portfolios rather than sell assets.

Pelosi promises Dems will soon pass spending bill amid internal battle

“I wouldn’t call it a wealth tax, but it would help achieve capital gains, which make up an extraordinarily large part of the income of the wealthiest individuals and avoid taxation until they are realized, Yellen said during an appearance on CNN.

Janet Yellen

Manchin said Democrats “everyone has a different view” of what the taxes might take, though he expressed support.

“I support basically everyone who pays their fair share of taxes,” he said.

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Democrats are attempting to bridge differences between liberal and progressive lawmakers and secure a deal on Biden’s spending bill before the October 31 deadline. Munchkin told reporters he did not back down from his call for a bill worth more than $1.5 trillion, while progressive support a package as large as $2.2 trillion.


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