Sen. Elizabeth Warren (D-Massachusetts) lauded the Biden administration for a new plan to impose a 20 percent minimum tax on billionaires.
President Joe Biden presented the proposal that requires taxing unrealized gains to Congress on Monday.
The senator advocated for the bill in response to an article about billionaire investor Leon Coopermanon Twitter.
“Leon, before the tears start streaming down your face again, let’s remember: billionaires often pay less taxes than teachers, nurses, and firefighters,” she wrote defending Biden’s plan. “A Billionaires Income Tax would start to level the playing field so everyone gets a fighting chance.”
In the article, Cooperman argued the president should be targeting tax codes rather than the affluent.
“I’m for progressive income tax structure,” he told Business Insider. “I think rich people should pay more. We don’t need new forms of taxation. This is a form of a wealth tax, which is not constitutional. It’s singling out one group.”
Centrist Sen. Joe Manchin (D-West Virginia) has already voiced his disapproval of the bill due to the taxing of unrealized gains. Manchin’s rejection means the bill is unlikely to pass through the Senate. Manchin, however, has voiced support for other types of taxes on the rich.
