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applegrove

(118,595 posts)
Wed Mar 30, 2022, 12:45 PM Mar 2022

Manchin Shoots Down Biden's Billionaire Tax

Manchin Shoots Down Biden’s Billionaire Tax

March 30, 2022 at 11:21 am EDT By Taegan Goddard 113 Comments

https://politicalwire.com/2022/03/30/manchin-shoots-down-bidens-billionaire-tax/

"SNIP......

Sen. Joe Manchin (D-WV) “shot down President Biden’s new plan to raise $360 billion in revenue by imposing a 20 percent minimum tax on billionaires,” The Hill reports.

Manchin said he doesn’t support taxing unrealized gains: “You can’t tax something that’s not earned. Earned income is what we’re based on.”

But he added: “There’s other ways to do it. Everybody has to pay their fair share.”

......SNIP"

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Botany

(70,483 posts)
3. But he (Manchin) added: "There's other ways to do it. Everybody has to pay their fair share."
Wed Mar 30, 2022, 12:48 PM
Mar 2022

aka tax the poor and middle class more and not the super rich.

Manchin is a fucking crook.

Botany

(70,483 posts)
7. So Joe has a stake in the only power plant in WV that burns the left over ("gob") coal from deep ...
Wed Mar 30, 2022, 12:50 PM
Mar 2022

... mines that were closed long ago and Joe and his family own that gob coal too. The Grant Town
power plant is less efficient so Joe & friends got a rate hike on the electricity produced by that plant*
(of which the Manchins get a cut of), the plant produces more mercury air pollution then other coal
plants, more SO2 then other coal power plants, Joe got the air pollution limits waved on the Grant
Town plant, the plant should have been closed a few years ago because it costs more than other ways
to produce electricity along with killing the planet but Joe stopped that, and all the while Joe has been
working to kill green energy to protect the fossil fuel industry.

And all the time Joe's son, Joe Manchin the 4th sits in his office in Fairview W.V. and counts the millions.

BTW W.V.'s other senator is the daughter of former governor Arch Moore. And she is dirty too.


* forcing the people of W.V. to pay more for their electricity.



https://www.democraticunderground.com/1016318584 Take a bath or a shower after reading the NY times
article ... Joe and his family get 1% of all the electricity sold by that one dirty power plant.


Bettie

(16,085 posts)
10. I would bet that he's very supportive of
Wed Mar 30, 2022, 12:57 PM
Mar 2022

Rick Scott's plan. Probably even would like to bump up the amount that the people on the bottom quarter pay.

Seems to be the way he rolls.

Celerity

(43,270 posts)
13. some people's 'fair shares' are much more 'fair' (cough cough) than others
Wed Mar 30, 2022, 01:15 PM
Mar 2022
Joe Manchin-connected power plant hasn't paid rent in a decade

https://www.eenews.net/articles/joe-manchin-connected-power-plant-hasnt-paid-rent-in-a-decade/

these three excerpts from the article (and the article overall, I might add) show potentially very problematic linkages and prima facie self-dealing

At the same time it’s skipped rent payments, Grant Town has paid Manchin’s family company, Enersystems Inc., millions of dollars for waste coal.


Their disagreement turns on a dispute over the source of the waste coal the plant burns and the rate of pay that Ambit owes to Horizon, based on that coal.

Ambit owes more money to Horizon the more on-site fuel it uses. If it uses off-site fuel — which is trucked in by Manchin’s family company — it pays Horizon less money. The fight between Ambit and Horizon is over how much off-site fuel is used, and therefore how much rent is owed.


If the plant closed, it would be a major financial hit to Manchin as well as his son, Joseph Manchin IV, who runs the company. Manchin has spent decades pushing policies that benefit the plant and the waste coal industry that helped make his family fortune.


Cracklin Charlie

(12,904 posts)
6. So, you can't tax unrealized gains.
Wed Mar 30, 2022, 12:49 PM
Mar 2022

But, you can use unrealized gains to borrow money?

Sounds like those unrealized gains may be used to make real gains. Isn’t that then taxable?

Manchin sucks.

Nictuku

(3,601 posts)
17. Have a Mortgage? Property Taxes are taxes on unrealized gain
Wed Mar 30, 2022, 02:27 PM
Mar 2022

I guess it is OK for us, just not for Wall Street.

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