Disagreements persist in the United States over the democratic reconciliation package – Prensa Latina

Democratic Representative of West Virginia raises questions about the proposed new tax on American billionaires, sponsored by Senate Finance Committee Chairman Ron Wyden (Democrat from Oregon)

This is the latest initiative introduced by Senate Democrats, who are seeking taxes to pay for infrastructure and budget alignment to President Joe Biden’s “Build Back Better” plan.

According to analyst Mercedes Gallego, the tricky thing is to find a plan that satisfies all senators from the party that matches the color blue.

He said of an initiative that would only affect those who have made $100 million or more in the past three years, I don’t like implying that we’re targeting different people.

Manchin argued that the super-rich provide jobs, invest money and engage in charitable activities.

Wyden’s Bill is 107 pages long and addresses some of the most difficult sections of tax law: the myriad loopholes that allow wealthy people to transfer their fortunes through trusts, endowments, annuities, life insurance policies, and other avenues.

Manchin’s criticism of the proposal led to the rejection of the Senate Budget Committee Chairman, Democratic Socialist Bernie Sanders, who lamented that most of the blue band’s tax proposals had been removed from the negotiating table.

“All the reasonable incremental income options that President Joe Biden wants and that the American people long for are being sabotaged,” Sanders said.

Manchin said Democrats are likely to enact reforms to spread the financial burden of the reconciliation plan more broadly.

The senator did not specify whether that meant closing tax loopholes for the wealthy or raising taxes on people who earn less than $100 million a year or have a net worth of less than $1 billion.

The wealthy are on target because the nation’s 400 richest families only paid an average of 8.2 percent annually in federal taxes between 2010 and 2018, according to Treasury data.

Democratic Senator Ron Wyden warned that “the working class thinks it’s unfair that millionaires pay nothing.”

Opponents of the initiative warn that if approved, millionaires will withdraw from the stock market and seek refuge in the cryptocurrency market.

President Joe Biden hosted Mansion in Delaware over the weekend amid the Democratic Party’s efforts to reach agreement on the president’s economic agenda, but progress was imperceptible.

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