/Biden’s Tax Overhaul is On Shaky Ground After Democrat Torpedoes Build Back Better

Biden’s Tax Overhaul is On Shaky Ground After Democrat Torpedoes Build Back Better

A slew of proposed taxes aimed at ultra-wealthy Americans and well-off corporations were dealt a potentially fatal blow on Sunday, imperiling a key pillar of President Biden’s sweeping economic agenda.

Moderate Democrat Sen. Joe Manchin told “Fox News Sunday” that after more than five months of back-and-forth negotiations with the White House and other Democratic leaders, he could not support the final $1.7 trillion package.

“I cannot vote to continue with this piece of legislation,” the West Virginia senator said during the interview, citing concerns about the hottest inflation in decades. “I just can’t. I have tried everything humanly possible.”

Manchin’s opposition, however, jeopardizes the various tax increases included in the massive social spending and climate bill, as well as Democratic efforts to extend the boosted child tax credit and repeal a Trump-era limit on state and local tax deductions. Democrats had previously hailed the expanded child tax credit as a successful way to reduce poverty with direct payments to low-income families and were hoping to rely on that messaging (“Money in people’s pockets and shots in people’s arms”) further ahead of the 2022 midterm elections.

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