Biden Administration

The lobbying comes as Democrats and the White House work to advance a new version of the so-called Build Back Better Act.

After championing a major expansion in federal aid, the president is now putting the budget deficit back in the spotlight.

Manchin doomed two pieces of the plan — ending a tax break for fossil fuels and taxing unrealized capital gains — just hours after Biden announced them.

Biden’s 10-year outlook still would rack up $14.4 trillion in deficits — most of it on autopilot — even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.

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.

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households.

The administration is calling for more than $2.5 trillion in tax hikes on wealthy and large corporations over a decade.

The budget calls for a minimum 20% tax rate that would hit both the income and unrealized capital gains of households worth more than $100 million.

The request will show a $1 trillion reduction in deficit spending over the coming decade, generated in part by a new tax targeting billionaires.