Manchin Objects to Dems’ Billionaire Tax, Saying They ‘Create a Lot of Jobs’

West Virginia Democratic Sen. Joe Manchin came out against his party’s plan to tax billionaires in order to finance their social-spending package just hours after it was first released.

“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters Tuesday morning, describing billionaires as people who “contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.”

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Businesses Push Back Against Biden Plan to Track All Bank Transactions over $600 Through the IRS

Joe Biden outside

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.

In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.

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Farmers Cry Foul over Biden’s Death Tax Proposal

Woman with ball cap on, out in the fields of a farm

President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan.

In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an heir to report the value of an asset at the time of inheriting it, essentially not paying gains taxes on how much the assets increased in value during the lifetime of the deceased. This allows heirs to avoid gains taxes altogether if they sell the inheritance immediately.

Under Biden’s change, heirs would be forced to pay taxes on the appreciation of the assets, potentially over the entire lifetime of the recently deceased relative. 

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Republicans Push Back Against ‘Politicization’ of IRS

President Joe Biden has pushed for beefing up IRS audits of corporations to raise revenue for his new spending proposals, but Republicans are raising the alarm about the potential consequences of the plan.

Biden unveiled his “Made in America Tax Plan” earlier this year as a strategy to help fund his trillions of dollars in proposed new federal spending that includes several tax hikes. Despite this, a bipartisan coalition in the U.S. House and Senate have agreed to a basic framework for Biden’s proposed infrastructure plan, but one element has been the theme of the negotiations among Republicans: no new taxes.

The GOP pushback against raising taxes, though, puts more pressure on the Biden administration to find ways to fund his agenda. Aside from Biden’s controversial tax hike proposals, the president also has proposed adding $80 billion in funding to the IRS so it can increase audits of corporations.

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Critics of Biden’s Proposed Oil-and-Gas Industry Taxes Fueled by Gas Shortages

Gas shortage "out of service" stickers

Gas shortages on the East Coast have helped rally Congressional opposition to the portions of President Joe Biden’s infrastructure plan that would force oil and gas companies to pay more in taxes.

House Republicans sent a letter to House Speaker Nancy Pelosi, D-Calif., and House Majority Leader Steny Hoyer, D-Md., calling on Democrats to oppose Biden’s plan to “eliminate tax preferences for fossil fuels.”

The letter, signed by 55 Republicans, came after a cyber attack of Colonial Pipeline shut down a major pipeline on the East Coast and led to fear-driven gasoline shortages. The attack also raised questions about the nation’s energy infrastructure and vulnerability to attack.

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