Billionaires Don't Pay Their Fair Share of Taxes

Floor Speech

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Mr. COHEN. Mr. Speaker, today Representative Beyer, Senator Whitehouse, Senator Wyden, and I introduced a billionaires tax bill.

Billionaires don't pay their fair share of taxes, and with the Trump tax program starting in 2017, they have increased their wealth tremendously.

Not paying taxes on real estate and stocks and all that they don't trade or sell, just accumulating that wealth over and over again while hardworking people, firemen, nurses, you name it, pay on their wages is wrong.

We need to have a tax system that collects from people who can afford it, as well. Pope Leo said in an interview recently: ``CEOs that 60 years ago might have been making four to six times more than what the workers are receiving,'' now, it is ``600 times more than what average workers are receiving.''

To the news that Elon Musk is going to be the first trillionaire in the world, Pope Leo said: ``What does that mean, and what is that about? If that is the only thing that has value anymore, then we are in big trouble.''

We are in big trouble because that seems to be what is valued all the way to the White House, where they are using cryptocurrency to make money out of their position, and it is wrong.

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