Washington, DC: Indian-American Congressman Ro Khanna has pushed for a massive investment of $ 10 trillion over a decade to reindustrialize the country.
On the eve of President Joe Biden’s unveiling of his economic vision, Khanna, in an interview with Fox News on Tuesday, said massive investment was needed to reindustrialize the United States.
“What we’re saying is at least a consensus on reindustrializing America. It’s a productive investment,” he said. “Up to $ 10,000 billion over 10 years to reindustrialize America, so that we produce batteries here, electric vehicles here, and essential manufacturing supplies here.”
“But I think we have to pay for it. I mean, we have to pay for the greater part. A start would be to collect taxes from those who evade taxes. Larry Summers has a proposal that if we imposed the tax on people who are not paying tax at the moment, we could collect up to $ 1.2 trillion in 10 years. So that’s what I would say, this is the first place to start,” he said.
Responding to a question, Khanna said he was completely opposed to a kilometer tax or a gas tax.
“It hurts working families. It hurts people in rural America who have to commute long distances. I think it would be deaf to have this kind of tax,” he said.
“What I’m talking about in terms of tax collection isn’t just aimed at fraud and abuse. Right now, a lot of business income goes undisclosed. If you created a new IRS form that required banks to disclose their inputs and production in terms of accounts, you would be able to collect a lot more,” he added.
Khanna supported Biden’s decision to raise the rates of those earning over $ 400,000 and raise the top marginal rates.
“I would consider a financial transaction tax over speculation. I would prefer our money to be spent on producing batteries. Right now, China is eating our lunch when it comes to lithium-ion battery production. They get all the cobalt from the Democratic Republic of Congo,” he said.
“Don’t we want America to produce these lithium ion batteries? Don’t we want to produce electric vehicles? Don’t we want to produce critical manufacturing supplies? We couldn’t even have masks. mean, in the world of WWII, we armed our entire army,” Khanna said.