Manchin agreeable to wealth tax for Biden plan, source confirms

[TexasTowelie]

WASHINGTON (AP) — Pivotal Democratic Sen. Joe Manchin appears to be on board with White House proposals for new taxes on billionaires and certain corporations to help pay for President Joe Biden's scaled-back social services and climate change package.

Biden huddled with the conservative West Virginia Democrat and Senate Majority Leader Chuck Schumer at the president's Delaware home on Sunday as they work on resolving the disputes between centrists and progressives that have stalled the Democrats' wide-ranging bill. A person who insisted on anonymity to discuss Manchin's position told The Associated Press the senator is agreeable to the White House's new approach on the tax proposals.

What had been a sweeping $3.5 trillion plan is now being eyed as a $1.75 trillion package. That's within a range that could still climb considerably higher, according to a second person who insisted on anonymity to discuss the private talks.

House Speaker Nancy Pelosi said that even at "half" the original $3.5 trillion proposed, Biden's signature domestic initiative would be larger than any other legislative package with big investments in health care, child care and strategies to tackle climate change.

Read more: https://keprtv.com/news/connect-to-congress/manchin-agreeable-to-wealth-tax-for-biden-plan-source-confirms

[PoliticAverse]

1. But what about his tag-team partner Sinema? n/t

[lagomorph777]

8. Apparently we're homing in on the right combo of pork/bribes/Kompromat for Manchin.

Should be able to do the same with Sinema.

[BeerBarrelPolka]

2. How nice of him!

I wonder if he'd mind if I got a haircut next week?

[brooklynite]

3. Its NOT a "wealth" tax.

It's an income tax on capital gains, with an income threshold...just like higher marginal income tax rates have.

[Walleye]

4. I really like the idea. We need more creativity like this in our legislation

[FBaggins]

5. It can't be a tax on capital gains if it taxes unrealized gains

As described, it's definitely a tax on wealth - but limited to what we might call "liquid" wealth.

That is... cash/stocks/bonds, but not real estate or other hard-to-value assets.

After the first year, it's a tax on gains (though still unrealized) from the previous year. But the first-year tax on all unrealized gains is definitely a "wealth tax"... just not all wealth.

It's probably an attempt to get around constitutional concerns. But I'm not sure how that will go.

[lagomorph777]

9. That seems more credible.

I didn't think he'd actually go for a tax on his donors' assets.

[doc03]

6. I think Manchin is coming around he touted

some of the infrastructure projects WV will get in
the Wheeling WV paper last week.

[FBaggins]

7. The infrastructure projects are from the "bipartisan" bill

He's still pushing to get the first bill passed now.