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Today in this country, the top 1% for example evade an estimated $160 billion in taxes that they owe each year. not new tax, but taxes that they owe. the way it works is this, if you are a typical american like i suspect that most of the press people are sitting in front of me. you pay your taxes. why? because you get a w-2 form. it comes in the mail. every year. the irs gets that information as well. your taxes get deducted from your paycheck and you pay what is owed beyond that. that's why 99% of working people pay the taxes they owe. but, that is not how it works for people with tens of mil...

>> reporter: some moderate democrats resist the scope and the kors which the proth president proposed to raise the taxes on the wealthiest americans. >> the share goes to the corporations and the wealthy or set this country on a new path? >> reporter: the biden budget calls for increasing the rate on the top 1% of earners. the top corporate rate would rise to 26.5% from 21%. the white house is locked in a battle of misinformation with rapper nicki minaj who's more than 180 million followers on twitter and instagram. ♪ the singer of hits raised unfounded doubts about the safety of vaccines.

It's fairly common knowledge that the top 1% has the largest burden of the tax input to the u.s. government. the bottom 50% pays zero. what do you think about this whole issue in terms of redistribution through taxing corporations more and the 5,500 corporations that need to be taxed that are paying zero according to him? >> you have this progressive taxation. people at the highest incomes are paying more than a similar percentage that is lower percentiles. there's also issues dealing with corporate loop holes that wealthy people do take advantage of. so there are things that could be done to,...

Promising that none of this will impact people making under $400,000 a year. martha a lot of small businesses do make over $400,000 a year. martha? >> they do. thank you, hillary. thanks very much. art lapper joins us now, former economic adviser to president trump and president reagan. we just heard from president biden. it was a lengthy speech talking about how he wants to basically reorganize the u.s. economy, level the playing field is the way he put it. basically going after the rich, the corporations. he says they don't pay enough. 55 companies pay zero. your thoughts as you look at this...

Downturn in the economy. we also were led to believe that it would be a pretty quick -- a v-shaped downturn and uptick. that hasn't been happening. it's reminiscent of what we saw in the obama administration where it was quarter after quarter of sluggish growth. we have inflation concerns, consumer confidence is very bad. so the president is polling poorly on the economy. he argued today that a tax hike would be an investment in the future, not really explaining how that theory would work. further burdening the economy that is struggling so much to get back on track would be good for the count...