Biden wants to make sure billionaires pay at least a 20% income tax — including on their massive pandemic-era stock gains
But it's unclear whether Congressional Democrats will coalesce around the plan. Republicans are generally opposed to tax increases and they're likely to view the Biden proposal as punitive.
Late last year, there was significant unease among rank-and-file Democrats over the Wyden plan. Sen. Joe Manchin, a Democrat from West Virginia,and the proposal fell out of consideration soon after. His office didn't immediately respond to a request for comment. During negotiations on Biden's Build Back Better plan, Sen. Kyrsten Sinema of Arizona torpedoed attempts to raise individual and corporate income tax rates. Her office didn't immediately respond to a request for comment.
Opposition crept into Democratic leadership ranks as well. Speaker Nancy Pelosi privately assailed the Wyden plan. A senior Democratic aide reiterated concerns about Wyden introducing legislative text only days before House Democrats tried to approve Biden's economic agenda. It was a timeframe that"made it impossible for the study and vetting that would be required for novel and complicated legislation like that," the aide said.a 15% corporate minimum tax that had Sinema's support at around the same time. Subscribe to push notifications
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