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The Billionaires Tax Boondoggle Shows the Dems’ Desperation

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The Billionaires Tax Boondoggle Shows the Dems’ Desperation

The Daily Beast October 28, 2021
EconomicsTax

It’s an unworkable and possibly unconstitutional idea, but some members of the party seem determined to see it through.

Democrats promised that taxing the rich could finance a massive expansion of federal benefits. Yet a full Democratic government is having trouble agreeing on even $1 trillion in upper-income taxes. In their desperation, they are turning to a tax proposal so unworkable that no country in the world—not even in tax-loving Europe—has ever imposed it before. It’s a new tax on the investments of billionaires called mark-to-market taxation.

Yet no sooner had Sen. Ron Wyden (D-OR) released a draft of the proposal—based off his 2019 framework—than his colleague Sen. Joe Manchin (D-WV) threw cold water on this new billionaire’s tax, asserting that “I don't like it. I don’t like the connotation that we’re targeting different people. There’s people that… contribute to society, that create a lot of jobs, and invest a lot of money, and give a lot to philanthropic pursuits.”

Continue reading the entire piece here at The Daily Beast

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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.

Photo by Douglas Rissing/iStock

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