Manchin Dampens Progressive Hopes For Billionaires Tax

Democratic hopes of including a new tax on the super-wealthy to help pay for their social spending package were fading on Wednesday as centrist Sen. Joe Manchin (D-W.Va.) said he was uncomfortable with the idea.

Democrats already faced a divide between Senate and House lawmakers on how to move forward, with key members in the lower chamber seemingly caught off guard by this week’s rush toward a billionaires tax in the Senate.

Progressives in both chambers have been trying to squeeze the most out of a new chance to raise taxes on the wealthy given longstanding worries about growing inequality aggravated by the Trump tax cuts.

The spending bill looks like it will still include some changes to the tax code, such as a 15 percent minimum corporate tax that Manchin has voiced support for.

But the billionaires tax itself seemed to be on life support given his opposition, and Sen. Kyrsten Sinema’s (D-Ariz.) reluctance to hiking tax rates had poured even more cold water on another left-wing goal.

Progressives were left fuming after the latest developments.

Read more at The Hill.

{Matzav.com}