Joe Biden can’t win.
Thankfully, his devastating plans for America are falling apart.
And Joe Biden just blew his top after this Democrat absolutely shut him down.
Joe Biden can’t even blame Republicans for his losses.
West Virginia Senator Joe Manchin has proven he may be the most powerful Democrat in Washington, D.C.
Joe Biden recently unveiled his insane new $5.8 trillion budget that he’s trying to use to provide cover for Democrats moving into a nasty midterm election.
He was hoping to buy favor with moderates by playing smoke-and-mirror games to pretend he’s reducing the deficit while keeping the far Left happy by actually imposing the largest tax increases in history.
Democrats are desperate for anything they can use to claim they’re moving back toward the center and pushing to reduce inflation through lower deficits.
But Biden and his leftist friends just found out their latest scheme is dead on arrival.
Biden’s budget depended on a completely insane plot to tax unrealized gains on stocks.
Currently investors pay capital gains tax after they sell stock, but Biden planned to tax “billionaires” on their stocks when they increase in value even if they aren’t sold.
Biden’s plan would amount to a federal property tax.
And that plan would absolutely destroy the economy with investors at every level selling out of the stock market and looking for other places to put their money—likely further driving up housing and land prices and sending their money overseas.
Senator Joe Manchin shut down Biden’s atrocious plan fast, which means he already lacks the votes needed to pass the bill.
“You can’t tax something that’s not earned. Earned income is what we’re based on,” Manchin said during an interview with The Hill. “Everybody has to pay their fair share, that’s for sure. But unrealized gains is not the way to do it, as far as I’m concerned.”
Even RINO Republicans realized there’s no way they can support Biden’s radical plan.
Republican Minority Whip Senator John Thune exposed the massive danger Biden would unwittingly open the government up to as well.
“It’s essentially taxing people before they actually get the income, and that seems like a really dangerous precedent in tax law because if you have a gain one year and then a huge loss the next year, how’s the government going to pay people back for their losses?” Thune stated.
He also pointed out that a wealth tax is blatantly unconstitutional.
“We’ve always had a principle in our tax policy that a gain has to be actually realized, income has to be received before it can be taxed, and this completely undermines that principle,” Thune said. “It’s a wealth tax basically, but I think it’s a dangerous precedent.”
Biden’s most recent plan illustrates exactly why Republicans need to reclaim Congress so they can stop leftists’ wildly irresponsible plans.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.
