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Democrats Discuss Spending Package Without Billionaire Tax

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EDITOR'S NOTE: The Wall Street Journal, via Zero Hedge, is reporting that the Biden administration’s proposed $3.1 trillion spending plan has been slashed down to $1.75 trillion thanks to the removal of provisions like the “billionaire tax” and paid medical and family leave. The billionaire tax was especially troubling to many, including Senator Joe Manchin (D-WV), as it taxed unrealized capital gains. This is just the latest federal finical overreaching program beat back by Manchin and Krysten Sinema (D-AZ) in recent days. They also got the provision removed that would have allowed the IRS to snoop on any back accounts over $600. Now, Biden and his supporters are scrambling to get this bill passed because, if they don’t soon, it could hurt their chances of getting the $1.5 trillion infrastructure bill through Congress as well.

After eliminating the billionaire tax as a source of revenue for their massive spending proposals, Democrats have now nixed plans to include a paid-leave program in their social spending and climate-change bill, according to the Wall Street Journal. The proposed program initially offered 4 weeks of paid leave, which was whittled down to four weeks - and has now been eliminated altogether, according  to people familiar with the matter.

Meanwhile, the White House is scrambling to bring Democrats together around the bill - which now has a $1.75 trillion price tag - down from the $3.5 trillion that House progressives insisted they wouldn't accept - holding a parallel bipartisan infrastructure bill hostage until they get their way.

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