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Pay your fair share. pay your fair share. right now, many of them are paying virtually nothing. last year, the 55 most profitable corporations in america, 55 of them, paid 0 and federal income tax on $40 billion of profit. they should be paying taxes. it's that simple. that is why the build back better framework will have a 15% minimum on the largest corporations. a minimum tax of 15%. the top 1% of the wealthiest americans of age is estimated $160 billion a year in federal taxes and that's wrong. we need to change that. under my plan, if you earned

Pay your fair share. pay your fair share. right now many of them are paying virtually nothing. last year the 55 most profitable korb rations in america, paid zero, zero, in federal income tax. if they report big profits, they should be paying some taxes. they will have a 15% minimum of corporations. the top 1% of the wealthiest, as estimated by the experts, 10 billion from taxes. that is wrong. we're going to change that. i want to erp size what i said from the beginning. under my plans if you earn less than 400,000 you won't pay a single penny more in federal

As you may know, the top 1% of earners in america underpay their taxes each year by over $150 billion. investments that congress is making in the irs will help us capture that money to pay for things like the child tax credit that is included in this package that will help the parents of over 60 million children to continue to provide their churn children with an education and as they continue going forward. parts of the bill that include tax increases target those people who can afford to pay the most. the wealthy and corporations. that's why the president and secretary yellen have focused on...

Questions. >> i'm also on the ways and means committee, the committee that raises the revenue in order to pay for all of it. we passed an increase in the corporate tax rate. there is agreement across the board with 49 senators as well as the vast -- as well as 99% of the democratic democratic caucus and we have one senator who is defending the republican donald trump tax cuts, the ones they passed in 2017, that really benefited the top 1% and the largest corporations. you know what. we're going to push through. we think we still have momentum to get this thing done and then in order to pay for...

Millions, in sales, or profit distributions, they are on the honor system. so tell me deputy secretary, how is the honor system working right now? >> it is not working well, senator. as you know, the top 1% of earners in america underpay their taxes by more than 150 billion dollars each year. almost two trillion dollars over the course of ten years. >> more than 150 billion dollars a year, is lost by these top earners. and that is exactly why congress is considering a simple new third-party reporting requirement. small businesses have been putting together deputies for their employees every ye...