"The billionaires tax, officially unveiled early Wednesday morning, may have died before the ink was dry on its 107-page text."

"Mr. Manchin, speaking with reporters, said, 'I don’t like the connotation that we’re targeting different people.... It’s time that we all pull together and grow together'.... The proposed tax would almost certainly face court challenges, but given the blockade on more conventional tax rate increases imposed by Senator Kyrsten Sinema of Arizona, Democrats have few other options for financing their domestic agenda.... If the proposal can be enacted over Mr. Manchin’s concerns, billionaires would be taxed on the unrealized gains in the value of their liquid assets, such as stocks, bonds and cash, which can grow for years as vast capital stores that can be borrowed off to live virtually income tax free. The tax would be levied on anyone with more than $1 billion in assets or more than $100 million in income for three consecutive years — which applies to about 700 people in the United States..... For people like the Facebook founder Mark Zuckerberg, the Amazon founder Jeff Bezos and the Tesla founder Elon Musk, that hit would be enormous, since the initial value of their horde of stocks was zero."

From "Ahead of Meeting With White House Team, Manchin Criticizes Billionaire Tax Plan" (NYT).