Democrats have already nixed a contentious plan to tax the wealth of roughly 700 billionaires, Rep. Richard Neal (D-Mass.) confirmed Wednesday, after moderate Sen. Joe Manchin (D-W.V.) voiced concerns earlier in the day over the proposed provision in President Joe Biden’s spending package.
The senator’s comments came less than six hours after Sen. Ron Wyden (D-Ore.), chair of the Senate Finance Committee, released legislative text for the proposed billionaire income tax, which would have required billionaires and Americans making more than $100 million annually to pay a long-term capital gains tax on unrealized profits.
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