Billionaire tax: ‘There are more efficient ways’ to make the rich pay more, economist says

The Fiscal Times

Manchin Shoots Down Biden’s Billionaire Minimum Tax

In the budget request he released this week, President Biden proposed a new 20% minimum tax on the unrealized capital gains of households worth at least $100 million. It didn’t take long for Sen. Joe Manchin (D-WV) to shoot down the idea. “You can’t tax something that’s not earned. Earned income is what we’re based on,” Manchin told reporters, adding, “Everybody has to pay their fair share, that’s for sure. But unrealized gains is not the way to do it, as far as I’m concerned.” Manchin has said