Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Corporate gatekeepers and big tech monopolists are making it more difficult than ever for independent media to survive. Please chip in today.


Sen. Joe Manchin (D-W.Va.) speaks to reporters before a caucus meeting with fellow Senate Democrats on Capitol Hill on January 18, 2022 in Washington, D.C. (Photo: Drew Angerer/Getty Images)

Manchin Blasted for Opposing Biden's Plan to Tax US Billionaires

"Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."

Jessica Corbett

Just a day after U.S. President Joe Biden officially unveiled a plan to boost taxes on wealthy Americans, Sen. Joe Manchin on Tuesday signaled that he intends to block progress on yet another White House priority.

"Billionaires purposefully don't take incomes—they borrow against their wealth to fund their lifestyles (buy, borrow, and die.)"

Former Democratic Michigan gubernatorial candidate Dr. Abdul El-Sayed tweeted that the West Virginia Democrat "would rather tax people who *work for their money* [than] people whose money makes money for them."

Despite his previous support for hiking taxes on rich individuals and companies, Manchin—who's spent much of the past year obstructing his party's Build Back Better package and other legislation—made clear to reporters that he's not on board with the tax plan in Biden's $5.8 trillion budget proposal for the next fiscal year.

"The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20% on their full income, including unrealized appreciation," the White House explained. "This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters."

The tax only targets the top 0.01% of American households, or those worth over $100 million, and could generate about $360 billion over the next decade—with $215 billion coming from the top 10 billionaires. However, Manchin took issue with Biden's plan to go after unrealized capital gains.

Bloomberg reports that Manchin called Biden's idea a "tough one" and suggested that you can't be taxed "on things you don't have."

"You might have it on paper," he noted, while insisting that "there are other ways for people to pay their fair share, and I think everyone should pay."

"You can't tax something that's not earned—earned income is what we're based on," he also said, according to The Hill's Alexander Bolton. "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."

Critics of the senator's comments pushed back, highlighting how the measure would go after those who use their wealth to avoid paying taxes.

As writer and activist David Atkins put it: "Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."

Senate Finance Committee Chair Ron Wyden (D-Ore.)—who reportedly wants to hold hearings to build support for Biden's plan—also countered Manchin's comments.

Wyden told Business Insider on Tuesday that "there is no question that in any way this topic comes up, the billionaires have something of immense value."

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Omar Leads Charge Against Baby Formula Monopolies Amid US Shortage

Democrats urge the FTC to probe "any unfair or unsustainable practices, like deceptive marketing, price gouging, and stock buybacks, that may be weakening our nutritional formula supply."

Jessica Corbett ·

'Arbitrary, Racist, and Unfair': Judge Blocks Biden From Ending Title 42

"Only the coyotes profiteering off of people seeking protection have reason to celebrate this ill-reasoned ruling," said one migrant rights advocate.

Brett Wilkins ·

'This Is a War' for Democratic Party's Future, Says Sanders of AIPAC's Super PAC

"They are doing everything they can to destroy the progressive movement in this country," said the senator.

Julia Conley ·

Ginni Thomas Pressed Arizona Lawmakers to Reverse Biden's 2020 Win: Report

"Clarence Thomas' continued service on the Supreme Court is a scandalous and appalling breach of judicial ethics," said one observer. "He is implementing the exact same theories that his wife used to try to steal the 2020 election for Trump."

Brett Wilkins ·

Millions More Kids Going Hungry Since GOP, Manchin Killed Expanded Child Tax Credit

"Even brief disruptions in access to food can have lasting consequences," wrote the authors of a new analysis of worsening hunger among U.S. families.

Kenny Stancil ·

Common Dreams Logo