The most powerful person in Congress may not be Nancy Pelosi, Chuck Schumer, or indirectly Joe Biden. But it is a Democrat, a moderate one. With a 50-50 senate Joe Manchin of West Virginia reigns supreme. If he doesn’t like it, it dies. So it was with the Democrat plan to tax successful individuals on unrealized gains. Manchin realizes that in an economy that relies on capital taxing those who provide it is jamming up the engine of economic development and progress.

FNC: “House Ways and Means Committee Chair Richard Neal indicated Wednesday that a tax proposal targeting billionaires’ unrealized investment gains will be dropped from consideration in President Biden’s spending bill, an assertion that was immediately rejected by the Senate Democrat who introduced the concept.

Introduced earlier Wednesday by Senate Finance Committee Chairman Ron Wyden, D-Ore., the proposal would implement an annual tax on people with at least $1 billion in assets or $100 million in income for three consecutive years. The tax would apply to roughly 700 individuals. Neal noted reports that Sen. Joe Manchin is opposed to the proposal and decried that other lawmakers have yet to review the plan in detail.”

“I’ve pointed out that the billionaire’s tax had not been vetted by our committee,” Neal said. “In fact, it had not been vetted by any committee. And that it will be very difficult because of its complexity. None of us in the Democratic Caucus in the House have any problem with asking billionaires for more money. That’s fine. But this happened all of a sudden.”

Democrat leftist Senator Ron Wyden refused to accept political reality and told reporters the tax was “absolutely not” dropped from the deal and that members of Congress were “continuing to work with members” on a resolution. “I’m not saying that it’s dead. I just put out the text of it,” Wyden said. “There’s a briefing for staff tonight. I’m talking to Senators. And nobody has said the status quo is ok.” But Manchin had the last word on the counterproductive tax, “I don’t like it. I don’t like the connotation that we’re targeting different people.”

This piece was written by David Kamioner on October 28, 2021. It originally appeared in and is used by permission.

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