By WMAL.com
Senator Joe Manchin (WV) pushed back against the Biden Administration again on Tuesday, announcing his opposition to the newly released plan from the White House to increases taxes on billionaires.
- Setting the stage: the Biden Administration unveiled its plan to impose a 20 percent tax on billionaires that was included in the budget request submitted to Congress on Monday.
- Manchin opposed: the West Virginia Senator announced he will not support the plan which includes the taxation of the value an asset accrues prior to the asset actually being sold. “You can’t tax something that’s not earned. Earned income is what we’re based on,” said Manchin in an interview with The Hill.
- What’s next: Manchin’s announcement of opposition was likely a death blow for President Biden’s plan, as the centrist democrat serves as a key swing vote in the Senate that is currently split 50/50 between republicans and democrats. At this time, it is highly unlikely that the White House will be able to flip a republican Senator to vote in favor of the proposed plan.
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