Senator Joe Manchin (D-WV) has consistently proven to be a thorn in the sides of the Democrats’ radical agenda. The West Virginia centrist has refused to sign onto the “nuclear option” of ending the Senate’s filibuster rules, thereby halting such extreme measures as the Democrats’ planned federal takeover of U.S. elections.
On Tuesday, the Senator put an end to Biden’s proposed tax on Millionaires’ unearned income, which has been roundly criticized by tax experts and by the administration’s critics.
Biden’s plan was projected to raise $360 billion in revenue by imposing a 20% minimum tax on billionaires. The president formally unveiled the measure in his budget request to Congress on Monday.
The Hill reported that “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.”
Manchin told The Hill, “You can’t tax something that’s not earned. Earned income is what we’re based on. There are other ways to do it. Everybody has to pay their fair share.”
“Everybody has to pay their fair share, that’s for sure. But unrealized gains are not the way to do it, as far as I’m concerned,” Manchin added.
“Manchin’s opposition means Biden’s proposal is likely dead only a day after the White House unveiled it,” according to The Hill.
It must be lonely being one of the few sane Senators in the Democratic Party. But many Americans are grateful that he’s there to put a damper on the party’s more radical measures.
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