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Super-Rich Americans Feel Relief as Tax Hikes Are Canceled for Now

  • Democratic Senator Manchin says he can’t support Biden bill
  • Legislation would help reduce economic inequality, backers say
Senator Joe Manchin 
Senator Joe Manchin Photographer: Sarah Silbiger/Bloomberg

An exceptional year for wealthy Americans, at least in terms of their financial health, just got better.

If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of dollars over the next decade.