Manchin Dashes Progressive Hopes Yet Again

Earlier on Wednesday, Sen. Joe Manchin (D-W.Va.) said he didn't like the idea of Democrats targeting ultra-wealthy Americans to help pay for their Build Back Better agenda.

That alone came as a blow to progressives who've become demoralized through the negotiation process. Especially given that yesterday Democratic leaders said they were closer than ever to reaching a deal. Yet the debate over what to put in to the sweeping budget bill—and how to pay for it—remain unsolved.

Manchin expressed reservations about Sen. Ron Wyden's (D-Ore.) proposal that would put billionaires and anyone who makes over $100 million a year under Uncle Sam's microscope, arguing that they “bring a lot of jobs, invest a lot of money and give a lot to philanthropic pursuits.”

The Hill reports how Democrats' hopes for a new tax seem to be fading:

Democrats already faced a divide between Senate and House lawmakers on how to move forward, with key members in the lower chamber seemingly caught off guard by this week's rush toward a billionaires tax in the Senate.

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The spending bill looks like it will still include some changes to the tax code, such as a 15 percent minimum corporate tax that Manchin has voiced support for.

But the billionaires tax itself seemed to be on life support given his opposition, and Sen. Kyrsten Sinema's (D-Ariz.) reluctance to hiking tax rates had poured even more cold water on another left-wing goal.

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Manchin and Sinema's influence on shaping (or shrinking) the ambitious plan has progressives seeing red.

“Every sensible revenue option seems to be destroyed,” Senate Budget Committee Chairman Bernie Sanders (I-Vt.) told reporters Wednesday. “Should we raise corporate tax rates, personal income tax rates for the very wealthy? Of course we should, but at least one person in the caucus doesn't want to do that. Should we demand that the billionaires pay their fair share in taxes? Yes. There's another person who doesn't want to do that.”