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“Look, folks, you know how many billionaires we have in America today? One thousand. You know what their average rate - tax rate - federal tax rate is? Federal tax rate is 8.5 percent. Raise your hand if you’d trade your tax rate for 8.5 percent. I’m serious. Think about this. There’d be $40 billion raised if they even pay 25 percent.” - President Biden, remarks in Raleigh, N.C., Jan. 18Subscribe to The Post Most newsletter for the most important and interesting stories from The Washington Post.

White houseDistrict of columbiaUnited statesAland viardRobert willensChris edwardsHenry simonsMichael kikukawaGreg leisersonRobert haigDanny yaganDonald trumpAmerican enterprise instituteUniversity of california at berkeleyCouncil of economic advisersWilliam gale of the brookings institution