Dems’ Billionaire Tax Proposal in Chaos: Ways and Means Chair Says Plan Scrapped – Senate Finance Chair Says Tax Plan is Not Dead

The Democrats’ so-called ‘billionaire tax’ proposal introduced by Senator Wyden on Wednesday is in total chaos.

A quick recap of what this horrifying tax policy does:

-applies to taxpayers making as little as $25 million, not “billionaires”

-retroactive tax hike on assets held for decades and never sold

-49% double death tax

-backdoor repeal of Opportunity Zones, 1031 exchanges, and gift tax exclusion

To sum up:

-applies to taxpayers making as little as $25 million, not “billionaires”

-retroactive tax hike on assets held for decades and never sold

-49% double death tax

-backdoor repeal of Opportunity Zones, 1031 exchanges, and gift tax exclusionhttps://t.co/tQgPHKOJnL

— Ryan Ellis (@RyanLEllis) October 27, 2021

The chaos began when Democrat Senator Joe Manchin (WV) refused to jump on board and support the tax plan.

Because of @Sen_JoeManchin opposition, the Dem leadership and White House sources tell us that the billionaire tax is all but dead.

— Jake Sherman (@JakeSherman) October 27, 2021

Ways and Means Chair Dem Rep. Richard Neal announced the tax proposal was out of Biden’s plan.

BILLIONAIRES TAX PROPOSAL OUT OF BIDEN PLAN, DEMOCRAT NEAL SAYS

— Erik Wasson (@elwasson) October 27, 2021

Then Senator Wyden came back and said the billionaires tax is not dead.

*SENATE FINANCE CHAIRMAN WYDEN SAYS BILLIONAIRES TAX IS NOT DEAD

(Ways and Means Chair Neal had said it was out)

— Steven Dennis (@StevenTDennis) October 27, 2021

A professor at NYU’s Stern School of Business blasted Biden’s tax plan on CNBC Wednesday.

“If I were writing bad tax law, this is what it would look like,” the professor said.

VIDEO:

DEVELOPING…

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