(LibertySociety.com) – What started as a significant piece of legislation that would profoundly impact America, the $3.5-trillion Build Back Better plan, has been slowly dwindling as Democrats can’t agree on what it should include. The latest change came on October 27, when the Left floated the idea of taxing billionaires on unrealized capital gains, but one of their own quickly shot down the proposal: Senator Joe Manchin (D-WV).
Democrats' short-lived dream of a special tax for billionaires was extinguished today by Sen. Joe Manchin.https://t.co/Tk8RlfTxJ0
— Axios (@axios) October 28, 2021
The West Virginia lawmaker didn’t like that the change would target people who contribute to society by creating jobs and donating to charity.
With a 50/50 split in the Senate, even one legislator who disagrees with the proposal can stall the entire bill. In this case, not only is Manchin opposed to parts of the plan; so is centrist Democratic Senator Kyrsten Sinema (D-AZ).
House leaders suggested another way to fund the bill by implementing a 3% surtax on earners making over $10 million per year. Still, there’s no telling if everyone will agree to the addition.
As it stands, the legislation sits just under $2 trillion, reportedly cutting out initiatives like the national paid family and medical leave program. Despite the disagreements during negotiations and President Joe Biden’s failure to unite his party behind the bill, Manchin is confident it will pass Congress soon in some form.
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