Topline
Democrats have already nixed a contentious plan to tax the wealth of roughly 700 billionaires, Rep. Richard Neal (D-Mass.) confirmed Wednesday, after moderate Sen. Joe Manchin (D-W.V.) voiced concerns earlier in the day over the proposed provision in President Joe Biden’s spending package.
Senator Joe Manchin (D-W. Va.) is surrounded by reporters as he heads to a vote in the Senate at the … [+]
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Key Facts
At a press conference Wednesday, Neal, chair of the House Ways and Means Committee, said the proposal was “out of the Biden plan” after Manchin, whose support is crucial for Democrats to pass legislation in the evenly split Senate, told reporters he didn’t like the billionaire tax.
Manchin suggested Democrats would ultimately agree on raising taxes more broadly, saying: “I believe we will end up where everyone’s going to pay.”
The senator’s comments came less than six…