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this before they head to the august recess on friday. i'm john roberts in washington. this is "america reports," a slimmed down version of build back better estimated, listen to this, to raise taxes on millions of americans across every income bracket, including, yes, those making under $400,000 a year. this despite president biden repeatedly claiming that it would do no such thing. >> one thing we are trying to get done in congress, pass legislation that won't raise taxes a single penny for anybody making less than 400 grand. you make less than 400, you will not pay a penny in taxes...

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97% of the small business in america pay -- make less than $250,000. let me tell you who some of the other small businesses are, hedge funds that make $6-says $800 million a year. they are pass-through. let's look at how sincere they are. governor romney on "60 minutes" about 10 days ago, was asked, governor, you pay 14% on $20 million, someone making $50,000 paid more than that. do you think that's fair? he said, oh, yes, that's fair. that's fair. they are going to talk -- you think they are going to go out and cut the loopholes? the biggest loophole is the carried interest loophole and capit...

Number 2, 97% of the small businesses of america pay less than -- make less than $250,000. let me tell you about the other small business, hedge funds that make $6- $800 million, they count those as small businesses because they are pass-through. let's look at how sincere they are. governor romney, on "60 minutes" about 10 days ago was asked, governor, you pay 14% on $20 million, someone making $50,000 paid more than that, do you think that's fair? he said, yes, that's fair. that's fair. you think these guys are going to go out there and cut the loopholes? the loophole, the biggest loophole is...