Senate Democrats reportedly unveiled the idea for this new tax on billionaires Wednesday morning to help pay for President Joe Biden’s social services and climate change — sponsored by Senate Finance Committee Chairman Ron Wyde (D-OR), according to The Hill.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters when asked about the new tax proposal.
Manchin argued that the wealthy “have contributed to society, create a lot of jobs... and give a lot to philanthropic pursuits.”
“It’s time that we all pull together and row together,” he added.
If enacted, the 107-page bill sponsored by Wyden would close loopholes that allow wealthy investors and corporations to use partnerships to avoid paying taxes. Additionally, billionaires would be taxed on unrealized capital gains on their liquid assets — including stock, bonds and cash.
Wyden said Wednesday after Manchin’s comments that talks on the tax proposal will continue.
“Sen. Manchin has always supported the principle that the very, very wealthy should pay their fair share. So we’re going to talk,” Wyden said.
The proposed tax is expected to face court challenges, as it has already faced resistance from some House Democrats who worry that it could be vulnerable to legal and constitutional challenges.