It’s official. President Joe Biden’s $2 trillion Build Back Better plan died a widely reported death over the weekend.

The sweeping spending plan’s demise has been squarely pinned on the shoulders of Sen. Joe Manchin (A West Virginia Democrat, who in an explosive appearance on “Fox News Sunday” announced: "If I can't go home and explain it to the people of West Virginia, I can't vote for it. And I cannot vote to continue with this piece of legislation.”

While Manchin has taken the brunt of criticism for the move, which comes after months of him negotiating with the White House and key lawmakers, his final thumbs-down on the legislation was the tip of the spear for at least 51 of his Senate colleagues, who also did not believe the legislation and its price tag were the right move for America.

Manchin spoke about soaring inflation and the fifth wave of the Covid pandemic, which is threatening the economy, eroding the purchasing power of American households and stressing an already-fragile healthcare system, saying he’d “done everything humanly possible,” to negotiate with “all different spectrums of the political spectrum,” before announcing he would not vote for the plan.

Several advisors who spoke with Financial Advisor also thought the death of the Build Back Better plan is best for the nation and their clients at this time.

“We have been saying since January that the Democrats, who have the slimmest of majorities, were elected to ‘get back to normal,’ not to have the biggest progressive agenda passed in decades, to use their words, so it’s not too surprising a majority of senators were against it,” Jeff Farrar, founding co-partner in Procyon Partners, a Wilton, Conn.-based RIA, said.

“Some parts were okay, but the increased taxes were a burden. So overall, BBB dying this year is probably a net positive for the markets,” Farrar said.

He said the firm’s appraisal of the bill was not partisan. “We have clients all across the political spectrum, so the question so ‘are we glad’ is irrelevant. Our job is to interpret what we think will happen in any political scenario vs what we want to happen,” he added.

Scott A. Bishop, Executive Director of Wealth Solutions at Avidian Wealth in Houston, had a different take. He said he is “very glad that this fully partisan plan in its current form has failed.”

While there are “several provisions in the bill that many will like and should be debated, pushing it all through as a ‘kitchen sink’ bill that would truly cost trillions at a time of high deficits, debt and inflation is a bad stewardship of our tax dollars. Given the trillions spent in deficit this year and the COVID stimulus and the infrastructure bill...it’s best to see how off of that works first,” Bishop said.

The veteran advisor and CPA also said he had concerns that the bill’s supposed focus on taxing the wealthy would have had a trickle down effect that would have hurt more taxpayers than White House analysis showed.

“I think that the tax provisions to have the ‘ultra wealthy’ pay for Build Back Better were not truly targeted at ultra wealthy billionaires, but rather business owners and even successful small business owners,” Bishop said.

That would have hurt wealth and job creation, he added. It would also have stymied wealthier investors and advisor clients’ who have more complicated estate planning and wealth transfer goals.

“There would have been many areas where there would have been huge complications for those that have followed the law and done prudent planning,” said Bishop, who added that he has been writing about Build Back Better for clients for more than a year to help them understand the potential challenges.

Some advisors like Andrew Altfest, President of $1.6 billion Altfest Personal Wealth Management in New York City, say their high-net worth clients could have benefited from some provisions of BBB, especially the proposed expansion of the state and local tax deduction from $10,000 to $80,000.

“This is something that’s been on the minds of advisors and clients in blue states like New York, New Jersey and Connecticut since 2017, when the SALT cap was drastically cut. Most of our clients would have had the opportunity to reduce their taxes if the cap was expanded by passing Build Back Better, so this is not a great moment for them,” Altfest said.

Losing the expanded SALT deduction is “another disincentive to live in New York, which already hurt the housing market and hurts retirees. We continue to see people moving to Florida, South Carolina and Texas,” the wealth manager said.

The failure to pass the SALT expansion also means that fewer people will itemize their deductions and as a result, that will limit charitable contributions, Altfest said.

“If they raised the SALT cap to $80,000, than the state and local taxes you pay would have pushed you beyond standard deduction, so anything you gave to charity would have been deductible,” he added.

From a macro economic perspective, however, Altfest said he can understand why the proposal was stalled. “We have a huge amount of stimulus and economic growth right now and there’s a feeling that additional stimulus is not well timed and would fan the flames of inflation further,” Altfest said.

White House spokesman Jen Psaki said in a statement on Sunday that the White House has not thrown in the towel on BBB, despite Manchin’s ability to effectively veto Biden spending bills into 2022 in the evenly-divided Senate.

"Just as Senator Manchin reversed his position on Build Back Better this morning, we will continue to press him to see if he will reverse his position yet again, to honor his prior commitments and be true to his word," Psaki said in a written statement.