Moderate Joe Manchin Onboard Wealth Tax Proposed By President: Plan To Tax A Thousand Billionaires

Joe Manchin
Joe Manchin

Moderate Democratic Senator Joe Manchin has told President Biden that he is in line with his plan to impose a wealth tax on a thousand billionaires and also impose a minimum of 15% corporate tax. The President has said that he expects to seal the deal for the Build Back Better bill as early as Wednesday.

The initial proposal of $3.5T has been whittled down to $1.75T as even centrist Democrats had opposed the high figure and also certain elements in the bill. Senators Chuck Schumer and Joe Manchin caught up with the President at his home in Wilmington, Delaware on Sunday to deliberate over the bill.

The package is expected to reach the end stages and could be finalized by Nancy Pelosi, the House Speaker.

Support Of Joe Manchin Crucial For The Build Back Better Bill

The Democratic Senator from West Virginia and the Majority Leader of the Senate remained huddled with Biden to wade through disputes between the progressive and centrist groups of the Democrats.

These divides have been one of the primary reasons that have slowed down the climate package, and the social safety measures. The original tag proposed has been scaled down to a maximum of $2T and could end up at $1.75T.

The proposal to tax billionaires would be applicable to those earning over $100M a year for 3 consecutive years. it would also apply if the individual has an annual income of $1B.

Biden expressed his satisfaction at the meeting with Joe Manchin. He was hopeful of a deal by Wednesday.

A statement from the White House called for equipping citizens to return to work and helping the economy work not just for those at the top, but also for the affected middle class.

Even at half the original proposal, the domestic initiative being pushed through by the President would remain larger than similar investments in child and health care, and strategies to face climate change.