One of the biggest debates in Washington, D.C. right now is about taxing the rich.

I don't want to punish anybody.

You entitled to be a millionaire or a billionaire.

Just pay your fair share.

President Biden wants to raise taxes on corporations and on wealthy individuals in order to pay for

massive infrastructure investments.

His plan would increase the top federal income tax rate from 37 percent to 39.6 percent,

and that's for the top 1 percent of Americans.

37 percent is where Republicans at the top rate is part of their 2017 tax law, and that's

where they want it to stay.

That's our red line.

The way forward on infrastructure will not include revising the 2017 tax bill.

That was Mitch McConnell at the White House last month.

The Republican argument is that a top income tax rate of 37 percent is high enough.

But some of America's richest people don't pay 37 percent.

They don't pay 30 percent.

They don't pay 25, 20, or even 15 percent.

What we think of as their true tax rate, their tax rate on what essentially is their income,

their wealth growth is 3.4 percent.

Reporter Jesse Eisinger and his colleagues at ProPublica published a stunning story

this week based on private tax data they obtained from the nation's 25 richest people.

Those people collectively are worth more than a trillion dollars, and the tax they pay

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