'What is really needed is higher progressive taxation, including a wealth tax,' Congressman Ro Khanna told Newsweek.
must address the growing gap between them and the wealthy. The potential new tax on corporations contained in the Schumer-Machin bill could be a step in that direction.
"What is really needed is higher progressive taxation, including a wealth tax," Khanna said, drawing on ideas from French economist Thomas Piketty, who last month spoke before the Congressional Progressive Caucus."That would be deflationary because you wouldn't need the Fed expanding the monetary supply."
The funding being put toward climate change in the Schumer-Manchin measure could ultimately become a concrete example of this strategy playing out. However, the bill still faces a major hurdle beforeWhile the bill only needs 51 votes to pass, rather than the usual filibuster-proof 60, moderate Democratic Senatorof Arizona, who stood in the way of efforts to pass BBB, has previously opposed any new corporate tax hikes, and it remains to be seen how she will approach the Schumer-Manchin bill.
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