Monday, 27 December 2021 21:39

Wealth Tax Back on Table in Biden Bill

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Joe Manchin, Democratic Senator from West Virginia, made a splash last week when he pulled his support for the build back better citing a number of problems that keep him from backing the bill. However, this week Manchin did a 180 on the billionaire tax saying he would be willing to support it in a revised version of the bill. Manchin’s version of the bill includes many of the same spending appropriations such as pre-k care, climate change, and Obamacare, but omitted certain pieces like the child tax credit. Manchin’s vote is critical if Biden hopes to pass the bill, but with rising inflation, labor shortages, and spiking national debt, he’s still reluctant to throw his weight behind Biden’s bill.


FINSUM: Remember the House’s version of the bill didn’t include a billionaire tax, even if Manchin puts it back on the table it’s unlikely the final bill will include it.

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