Manchin was against the new billionaire tax proposal. He said that the wealthiest Americans shouldn't be taxed on things they don't have. The latest White House plan may beFka. The new billionaire tax plan was dealt a potentially fatal blow by Sen. Joe Manchin on Monday evening. He said that the wealthiest Americans shouldn't be taxed on things they don't have. Everyone should pay their fair share because there are other ways to do so. The White House proposal could be in trouble because of the Democrat's reluctance. If all 50 Senate Democrats back it, the Democrats can revive their climate and healthcare agenda. The definition of taxable income would be expanded to include the accruing value of unsold investments under the plan. Gains on investments are not taxed when they are sold for cash. It is the first time that the Biden administration has come up with a plan to hit billionaires, and it is meant to change how the American tax code treats income. Manchin threw up his hands and said that he would have to check with them. The richest families tend to see their wealth grow through the value of their financial investments, even though most Americans get their income through a paycheck. They are often taxed at a lower rate than income, and only after they are sold for a profit. There is no question that the billionaires have something of immense value, according to Sen. Ron Wyden of Oregon. Under the Biden plan, billionaires like Musk would pay more in taxes. Gabriel Zucman calculated that the tax bill for Musk would increase by $50 billion over the next ten years. Manchin was against a tax proposal designed to hit billionaires. The plan was meant to finance much of Biden's social and climate plans. Manchin said in October that everyone should pay their fair share. The original article is on Business Insider. 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