Super-Rich Americans Feel Relief as Tax Hikes Canceled for Now

An exceptional year for wealthy Americans, at least in terms of their financial health, just got better.

If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of dollars over the next decade.

Senator Joe Manchin

Photographer: Sarah Silbiger/Bloomberg

“To say my clients were celebrating is the wrong word to use,” said Steven Winter, a partner at BDO who primarily advises hedge funds and private equity firms. “It was a sigh of relief.”

Democrats had designed a $1.75 trillion ...