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Topic. it doesn't get enough attention. economic inequality as i think you know has been on a dramatic increase over the last 50 years and it's at the root of so many of our problems and right now in congress we're watching a sausage get made but i hope people will understand that this sausage is really important. it's not going to solve the problem. but we need to do this kind of thing so address this fundamental issue that we have. and if i may, let's take a look at those wealth distribution numbers that you had because they tell us something pretty striking. i can actually go into that top ...

Today and i just want to go through the numbers because i know what he is saying is compelling but i i think we got to talk specifics, right? the top 20% of tax payers in america pay 78% of the nation's taxes according to the tax policy center. the top 1% in the latest tax year available, 2018, they earned 29% of the income in america. their share of federal taxes was double that. they paid 40. so in this country, when you work for a living and you earn more, you pay more. it's a progressive system. so, secretary, i ask you if the top 20 are already paying 80% of the taxes, what is there? >> e...

>> thanks so much for having, me and no it's not where we're proposing. what we're proposing is making sure our tax system is fair. what we're know today as wealthy americans are less likely to pay taxes. for example, the top 1% of people in our country underpaid taxes each year by more than 150 billion dollars, each year. they don't make money the way that the woman who works in advertising does. or a teacher, or ill lush or, men each one of those people get a w to at the end of the year, that sent to them. and also sent to the irs. it allows us to verify how much money they, made and how muc...

It was bought in the town of morro bay, california. think about it this way. whoever has that ticket has the option of a lump sum cash payment of over $400 million. you figure, even if the federal government takes its, what, half of that, third federal governme takes its half of that, third of that, that still leaves you with about $200 million. that doesn't just put you into the top 1% of the wealthiest people in the united states. someone has a life changing ticket somewhere in their possession. we'll be right back. possession. we'll be rightac bk. when you really need to sleep you reach...

Rate. under 4%, the true tax rate. the panel returned, as i mentioned. katrina, you and your magazine have spotlighted this in many ways. you may have thought it was bad, but boy, is it bad right now. >> this is about looting countries' revenues. this is about leaving people without adequate hospitals, without adequate education. it's a very direct link, and i think we need to pay attention. the choices we make are not inevitable. there is a fair share economy, shared prosperity, and in this pandemic, the top 1% has made out with something like 55 billion. there is a one time pandemic cost tha...