One of the key questions that lawmakers are tackling in Washington, D.C. is how to pay for President Joe Biden’s infrastructure plan.
Two timely investigations — one by ProPublica and one by The New York Times — are both helping to inform the debate.
The Times published a story last week stating that the U.S. loses $75 billion a year in tax revenue because the private equity industry fails to report their income accurately. The article noted that $75 billion is “roughly double annual federal spending on education.”
The ProPublica investigation is easier to digest.
Billionaires including Jeff Bezos, Elon Musk, Bill Gates, Carl Icahn and many others all paid nothing in federal income taxes for either one year or multiple years.
It was enough to prompt CNBC’s Jim Cramer to exclaim, “these revelations make me sick” and suggest a billionaire surtax.
Charles Khan, the organizing director of the Strong Economy for All Coalition, joined Capital Tonight to discuss some of the options lawmakers in Washington are considering.