Democrats have proposed another scheme for funding the President’s trillion-dollar social safety net package. Legislators have targeted wealthy individuals and proposed the idea of imposing a certain percent of levy on their annual value gains.
In response, Democratic Senator Joe Manchin on Wednesday said that “everyone in the United States who has been “blessed and prospered” should have to pay a “patriotic tax” of 15% if they end up with zero tax liability. Manchin doesn’t seem to agree with the idea of targeting America’s wealthiest people. Speaking to reporters, Manchin made his point that everyone is paying their fair share, and the government doesn’t need to target different people.
Billionaires share in the country’s economy
Manchin further added that the wealthy bring a lot of job opportunities. For example, Microsoft’s total number of employees is 181,000. Microsoft also gives grants to students who are willing to enhance their digital and computer science skills. At the end of 2020, Google will have 135,301 full-time employees. Since 2005, Google has donated more than $60 million to 50 or more humanitarian crises.
During the recent pandemic, Google has donated over $100 million to different countries and organizations. This year, Tesla founder Elon Musk has denoted $150 million. This amount of donation is more than in all previous combined years.
Senator Bernie Sanders’s response
Senator Bernie Sanders, the chairman of the Senate Budget Committee, was irritated by Manchin’s opposition to the proposal, lamenting that several Democratic tax proposals had already been knocked off the table.
On his way to a morning vote, speaking to reporters, Sanders said, “It appears to me that practically every rational progressive revenue choice that the president wants, that the American people want, that I want, seems to be thwarted.” Manchin predicted Wednesday morning that Democrats would enact reform to spread the tax burden for the spending bill more broadly, though he didn’t say whether that would mean closing tax loopholes for the wealthy or raising taxes on those with annual incomes of less than $100 million or a net worth of less than $1 billion.
Speaking to the reporters on his idea of a patriotic tax, he said: “Everybody in this country that has been blessed and prospered should pay a Patriotic Tax. If you’re able to use all of the tax forms — if you can — to your advantage and you end up with a zero tax liability, but have had a very, very good life and have had a lot of opportunities, there should be a 15 percent Patriotic Tax.”
Manchin’s idea of a “patriotic tax” has been endorsed by the entire Democratic caucus, and he has proposed that a similar tax be imposed on every billionaire.
He further added that “We’ve all agreed on a corporation tax rate of 15%. Rather than attempting to punish those in the stratosphere, we should be grateful that our country is capable of producing wealth. However, you have a patriotic obligation to pay something to this wonderful country for providing you with shelter, support, and opportunity,” he continued. “Everyone should pay their fair share,” he said.