Elon Musk may not want to tweet it on Tax Day, but for America to maximize its economic growth, America’s billionaires will need to pay more in taxes.
In the past three years the United States has made investments to strengthen its economic house for the future. By staving off the worst effects of a global pandemic, the country managed to save and reopen its economy. We recently made investments to renew our infrastructure. We launched an unprecedented investment in the future of energy. We also doubled down on our investment in technology with the CHIPS and Science Act.
However, these important investments are only a down payment on the renovations we need today; there is so much more to do. More public investment is needed to renew America’s growth and secure its strength for the long term. And it is fiscally prudent to start raising revenue for that investment now, while our economy is strong.