Introduction of the Billionaire Income Tax Act and Noting the Pope's Concern on Income Inequality

Floor Speech

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Mr. COHEN. Mr. Speaker, I plan to introduce the Billionaire Income Tax Act on Wednesday and will hold a press conference with the House cosponsor Congressman Don Beyer and the Senate bill sponsor Ron Wyden.

It is an effort to establish a level of fairness in federal income taxation and prevent millionaires and billionaires, and the aspiring trillionaire, Elon Musk, from taking advantage of the tax code to pay what, for them is pocket change. I have not asked him, but it looks like Pope Leo would endorse the Billionaire Income Tax Act. He recently did an interview with a biographer and excerpts were released on Sunday. Speaking of societal polarization, he said it is in part caused by income inequality. One factor, he said, and I'm quoting him, is ``the continuously wider gap between the income levels of the working class and the money that the wealthiest receive. For example, CEOs that 60 years ago might have been making four to six times more than what the workers are receiving, the last figure I saw, it's 600 times more than what average workers are receiving. Yesterday the said news that Elon Musk is going to be the first trillionaire in the world. What does that mean and what's that about? If that is the only thing that has value anymore, then we're in big trouble.'' I agree with Pope Leo and hope our bill will have a significant effect on what everyone seems to acknowledge is a huge and growing problem.

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