While McCarthy’s federal revenue numbers are technically true, implementing more taxes on billionaires—even by a little—could boost America’s revenue by a huge amount in the next decade. #usa #republican #politics | A reporter asking about taxing the rich was met with laughter by Republican lawmakers after being shut down by House Speaker Kevin McCarthy. | Republicans Were Asked If They'd Tax the Rich. They Literally Laughed | McCarthy said that taxing the rich wasn't needed, because the U.S. had a federal revenue of 20 percent of GDP, compared to 17 percent in previous years. | He then blamed inflation on Democrats spending $6 trillion after winning the 2020 election. | Raising taxes on the wealthy, even a small amount, can bring in huge revenue. | For example, a 3 percent wealth tax on billionaires, as proposed by Sens. Elizabeth Warren and Bernie Sanders in 2021, would produce around $3 trillion in revenue in the next 10 years. | House Speaker Kevin McCarthy R—California | *University of Berkeley study