Manchin Pans Biden’s Proposed Tax on Unrealized Gains of Wealthy

President Joe Biden’s plan to tax unrealized capital gains ran into opposition from key Democratic Senator Joe Manchin, likely dooming it just hours after it was sent to Congress.

Biden’s fiscal 2023 budget request released Monday would impose a 20% minimum tax on the unrealized capital gains for households worth at least $100 million.

Joe Manchin

Photographer: Aaron M. Sprecher/Bloomberg

Manchin said the idea is a “tough one.”

You can’t be taxed “on things you don’t have,” he said. “You might have it on paper. There are other ways for people to pay their fair share, and I think everyone should pay.”

The ...