1/ Joe Manchin panned a proposed billionaire income tax to help pay for the social safety net and climate change bill, which is expected to cost about $1.75 trillion. Manchin called the plan “convoluted,” saying he didn’t like “targeting different people” with higher taxes just because they’re wealthy. Instead, Manchin floated a 15% “patriotic tax” on corporations. The billionaire tax idea gained traction after Kyrsten Sinema blocked conventional tax rate increases for corporations and individuals. Sinema had reportedly supported the proposed tax on the 700 people in the U.S. with more than $1 billion in assets. Together, Manchin and Sinema’s objections have injected uncertainty into Biden’s domestic agenda and halved what had been a $3.5 trillion package. (New York Times / Bloomberg / Politico / Associated Press / Axios / ABC News)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2021/10/27/day-281/