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.”
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