Well, it was fun while it lasted.
Senator Joe Manchin (D., W.Va.) told the Hill that he won’t be supporting President Biden’s plan, announced yesterday, to tax unrealized capital gains on people whose net worth is over $100 million. His reasoning is straightforward and spot-on: “You can’t tax something that’s not earned,” he said.
That this wasn’t obvious to all Democrats from the start is still concerning, but at least there’s one Democrat willing to say it. In a 50-50 Senate, one Democrat is all it takes to kill the proposal.
As NR’s editorial from this morning said, “The so-called billionaires’ tax deserves to be laughed out of Congress.” The day after Biden proposed it, it has been.