Manchin Pans Biden’s Proposed Tax on Unrealized Gains of Wealthy
- Key senator also opposes ending fossil fuel subsidies
- Biden has yet to re-engage Manchin on a tax and spending deal
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President Joe Biden’s plan to tax unrealized capital gains ran into opposition from key Democratic Senator Joe Manchin, likely dooming it just hours after it was sent to Congress.
Biden’s fiscal 2023 budget request released Monday would impose a 20% minimum tax on the unrealized capital gains for households worth at least $100 million.