{"id":11598,"date":"2022-03-31T16:08:19","date_gmt":"2022-03-31T20:08:19","guid":{"rendered":"https:\/\/mydailyfreedom.com\/?p=11598"},"modified":"2024-01-31T10:42:21","modified_gmt":"2024-01-31T14:42:21","slug":"manchin-reject-biden-proposal","status":"publish","type":"post","link":"https:\/\/trendingviews.com\/blog\/manchin-reject-biden-proposal\/","title":{"rendered":"Manchin does it again, opposes another costly Joe Biden proposal (video)"},"content":{"rendered":"<p>A proposal President Joe Biden formally unveiled in his budget request to Congress, was shot down by Sen. Joe Manchin (D-WV.).<br \/>\nWATCH:<br \/>\n<iframe loading=\"lazy\" title=\"Sen. Manchin opposing billionaires tax could spell trouble for Biden&#039;s plan\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/FExkDBV6zXc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\nThe president came out with a new plan to raise $360 billion in revenue by imposing a 20 percent minimum tax on billionaires but was shot down a few days later by Manchin, who said that he doesn\u2019t support the president\u2019s 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.<br \/>\n\u201cYou can\u2019t tax something that\u2019s not earned. Earned income is what we\u2019re based on. There\u2019s other ways to do it. Everybody has to pay their fair share,\u201d Manchin said, per <a href=\"https:\/\/thehill.com\/homenews\/senate\/600282-manchin-shoots-down-bidens-new-billionaire-tax-plan\" target=\"_blank\" rel=\"noopener\">report<\/a>.<br \/>\n\u201cEverybody has to pay their fair share, that\u2019s for sure. But unrealized gains is not the way to do it, as far as I\u2019m concerned,\u201d added Manchin.<br \/>\nBiden\u2019s proposal is likely dead only a day after the White House unveiled it, because of Manchin&#8217;s opposition.<br \/>\nMany of the nation\u2019s richest individuals, such as Jeff Bezos and Elon Musk, have been able to pay little or nothing in income tax by not declaring income, which is the problem with taxing just the regular income of billionaires.<br \/>\nSenate Finance Committee Chairman Ron Wyden (D-Ore.), who has announced his own proposal to tax the unrealized gains of billionaires, explained how it works, saying: \u201cHere\u2019s what they do. They go to their accountant. They tell their accountant, \u2018Make sure I don\u2019t make any income, any salary.\u2019 And then they say, \u2018Make sure I can buy, borrow and die.\u2019 And nobody knew anything about that years ago, and now people are pretty up on it.\u201d<br \/>\nImposing a minimum 20 percent tax on billionaires is about making sure they pay a similar percentage of their wealth in taxes as middle-class Americans, said Wyden, calling Biden\u2019s proposal \u201csolid.\u201d<br \/>\nSenate Republican Whip John Thune (S.D.), a member of the Finance Committee, also commented, saying: \u201cThe problem with that particular tax is that it\u2019s a tax on unrealized gains.\u201d<br \/>\n\u201cIt\u2019s essentially taxing people before they actually get the income, and that seems like a really dangerous precedent in tax law because if you have a gain one year and then a huge loss the next year, how\u2019s the government going to pay people back for their losses?\u201d Thune continued. \u201cWe\u2019ve always had a principle in our tax policy that a gain has to be actually realized, income has to be received before it can be taxed, and this completely undermines that principle. It\u2019s a wealth tax basically, but I think it\u2019s a dangerous precedent.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A proposal President Joe Biden formally unveiled in his budget request to Congress, was shot down by Sen. Joe Manchin (D-WV.). WATCH: The president came out with a new plan to raise $360 billion in revenue by imposing a 20 percent minimum tax on billionaires but was shot down a few days later by Manchin, &#8230; <a title=\"Manchin does it again, opposes another costly Joe Biden proposal (video)\" class=\"read-more\" href=\"https:\/\/trendingviews.com\/blog\/manchin-reject-biden-proposal\/\" aria-label=\"Read more about Manchin does it again, opposes another costly Joe Biden proposal (video)\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":13462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts\/11598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/comments?post=11598"}],"version-history":[{"count":0,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts\/11598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/media?parent=11598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/categories?post=11598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/tags?post=11598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}