Pelosi upbeat on Biden deal but Manchin pans billionaire tax

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Asked if the proposed billionaire tax would withstand challenges in court, White House press sec. Jen Psaki says “we’re not going to support anything we don’t think is legal.”

ABC News' Rachel Scott reports on the latest efforts from Democrats to help pay for the president’s nearly $2 trillion economic package.WASHINGTON -- House Speaker Nancy Pelosi told colleagues Wednesday that Democrats are in “pretty good shape” on President Joe Biden's sweeping domestic plan, but fresh problems emerged as a pivotal Democrat panned a new billionaires' tax to help pay for the $1.75 trillion package.

Manchin said he prefers a minimum 15% flat “patriotic tax” to ensure the wealthiest Americans don't skip out on paying any. “There’s a patriotic duty that you should be paying something to this great country,” he said. Pelosi told colleagues she would communicate later in the day on developments, according to a person who requested anonymity to discuss the speaker’s private remarks at a meeting of House Democrats.“An agreement is within arm’s length,” said Schumer, D-N.Y. “We are hopeful that we can come to a framework agreement by the end of today.”

A similar billionaires’ tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold, though interest would have to be paid. “I’ve been talking about this for years,” said Sen. Elizabeth Warren, D-Mass., who campaigned for the presidency on a wealth tax, and backs Wyden’s approach. “I’ve even made billionaires cry over this.”

Democratic Rep. Richard Neal of Massachusetts, the chairman of the Ways and Means Committee, said he told Wyden the billionaires' tax may be more difficult to implement than the route his panel took in simply raising rates on corporations and the wealthy, undoing the 2017 tax cuts.

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