Democrats Released a Cutting-Edge Plan to Tax Billionaires. Joe Manchin Is Now Busy Murdering It.

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Unfortunate.

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The billionaire tax was a variation on a concept called mark-to-market capital gains taxation, which has oftenas a more practical spiritual cousin of the wealth tax most famously advocated for by Sen. Elizabeth Warren. Here’s the basic idea. Today, if you buy a stock or bond , and its value goes up, you only have to pay taxes after you actually sell the asset and pocket your profits.

The Wyden plan was not simple. It had multiple layers to make the scheme workable and prevent abuse. It only applied mark-to-market rules to publicly traded assets, like stocks and bonds, where everyone knows the price, while creating a different set of reforms for taxing hard-to-value illiquid assets like shares in private companies.

get a refund against some of the taxes they’d paid in the past, which makes sense conceptually but might have created the odd optics of the government sending out checks to Bill Gates in a recession.Some have criticized the Wyden plan for allegedly being a complicated rush job. That’s in many ways unfair. Democratic staff had been refining it since at least 2019, when they

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