A billionaire tax plan proposed by Democrats has now been declared “dead on arrival” after unsurprisingly losing favor by not only the billionaires it would impact but by members of the Democratic party too.

The plan was introduced as a means to fund the Build Back Better Plan, a social and economic package that included everything from childcare to climate change initiatives to rebuilding the nation’s infrastructure.

Finance Committee Chairman Ron Wyden unveiled the plan last week on Wednesday. In it, details outline targeting the super-wealthy by taxing them on their assets. The plan would impose a whopping 23.8% capital-gains tax rate on unrealized gains on assets including stocks and bonds. Unlike earned income, this plan would be the first of its kind to tax Americans on gains that they have not yet realized. The tax would apply to individuals who own at least $1 billion in assets or those who have an income of at least $100 million for three consecutive years. It’s estimated that roughly 700 taxpayers would be impacted.

Progressives saw this bill as a means to have wealthy Americans pay their fair share of taxes. Late last month, White House economists shared an analysis that detailed that between 2010 and 2018, the nation’s wealthiest 400 families on average paid only about 8% of $1.8 trillion in federal taxes.

The plan was immediately shot down by conservatives the day it was unveiled. Senate Minority Leader Mitch McConnell explained that Democrats “are talking about rewiring the entire economy after a couple of days' discussions on the back of an envelope." McConnell described the plan as a "harebrained scheme" that has not undergone "any meaningful study or scrutiny."

Some Democrats have also been quick to share their disapproval. Sen. Joe Manchin of West Virginia described it as a punitive measure targeting successful people. He criticized the plan explaining, "I don't like the connotation that we're targeting different people."

Unsurprisingly, notable billionaires were quick to point out their disapproval as well. Most notable has been SpaceX and Tesla founder Elon Musk. In a tweet aimed at the proposed plan, Musk explains, "Eventually, they run out of other people's money and then they come for you." It’s estimated that the plan would have cost Musk an annual bill of around $10 billion.

Former President Trump also chimed in on the proposed plan. "I just wonder, will I be allowed to run for president again if I move to another country?" he shared in a statement. "No, I guess I'll just stick it out, but most others won't."

Many Democrats, especially progressives, contend that a bill like this is necessary. During the pandemic, the nation's wealthiest were the first in line to exponentially grow their wealth. According to the Institute for Policy Studies, the nation’s billionaires got 62% wealthier during the pandemic with a wealth increase of over $1.8 trillion. Musk alone saw a 600% increase in his wealth with over $150 billion during the pandemic.

In their report of wealth gained during the pandemic, the Institute for Policy Studies explains, “The great good fortune of these billionaires over the past 17 months is all the more appalling when contrasted with the devastating impact of coronavirus on working people. Over 86 million Americans have lost jobs, almost 38 million have been sickened by the virus, and over 625,000 have died from it.”

While the bill was set to face an impossible battle, Biden voiced his support. "The president supports the billionaire tax," shared White House spokesperson Jen Psaki. "He looks forward to working with Congress and Chairman Wyden to make sure the highest-income Americans pay their fair share.”

This latest loss for Democrats puts them back into the pit of figuring out how they will fund the Build Back Better bill. To boost favor for Build Back Better, Democrats have scaled back what will go into the plan. Cuts from the plan included 12 weeks of paid family leave, medicare expansion to include dental and vision, and lowering prescription drug prices.

The original plan boasted a 10-year framework that would cost roughly $3.5 trillion. In an attempt to gain favor over the bill, the administration unveiled Thursday that lawmakers have settled on a framework that will cost an estimated $1.75 trillion.