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IPFS News Link • TAXES: Federal

Billionaire Tax Dead After Manchin Opposition

• by Tyler Durden

"Some of the provisions that separated the two chambers — it looks to me as though one of the more controversial ones is currently out," he said.

According to Bloomberg's Laura Litvan, Neal is discussing a 'millionaires surtax' for those earning over $10 million.

The House is discussing with the Senate the inclusion of a 3% surtax, on top of the top income rate, for those earning more than $10 million, Neal, chairman of the tax-writing House Ways and Means Committee, said Wednesday. -Bloomberg

Update (1402ET): According to Punchbowl News' Jake Sherman, the billionaire tax is 'all but dead' thanks to opposition from moderate Democrat Joe Manchin.