Manchin shoots down Biden’s new billionaire tax plan

Centrist Sen. Joe Manchin (D-W.Va.) on Tuesday shot down President Biden’s new plan to raise $360 billion in revenue by imposing a 20-percent minimum tax on billionaires, a proposal the president formally unveiled Monday in his budget request to Congress.

Manchin says he doesn’t support the president’s plan to tax the unrealized gains of billionaires, which would set a new precedent by taxing the value an asset accrues in theory before it is actually sold and converted into cash.