Indian-American Congressman pushes for USD 10-trillion re-industrialisation plan

Up to USD 10 trillion over 10 years to re-industrialise America, so that were producing batteries here, electric vehicles here, and having critical manufacturing supplies here. But I do think that we have to pay for it.

PTI | Washington DC | Updated: 31-03-2021 06:58 IST | Created: 31-03-2021 06:58 IST
Indian-American Congressman pushes for USD 10-trillion re-industrialisation plan

Indian-American Congressman Ro Khanna has pushed for a massive USD 10 trillion investment plans over a decade to re-industrialise the country.

On the eve of President Joe Biden unveiling his economic vision, Khanna, in an interview to 'Fox News' on Tuesday, said there was need for a massive investment to re-industrialise US.

''What we're saying is, let's at least have consensus on re-industrialising America. That's productive investment,'' he said. ''Up to USD 10 trillion over 10 years to re-industrialise America, so that we're producing batteries here, electric vehicles here, and having critical manufacturing supplies here.'' ''But I do think that we have to pay for it. I mean, we have to pay for most of it. A start would be to actually collect taxes from those who are evading taxes. Larry Summers has a proposal that, if we just enforced the tax on people who aren't paying tax right now, we could collect up to USD 1.2 trillion in 10 years. So, that's what I would say is the first starting point,'' he said.

Responding to a question, Khanna said he was completely opposed to a mileage tax or a gas tax.

''That hurts working families. That hurts people in rural America who have to commute long distances. I think it would be tone-deaf to have that kind of a tax,'' he said.

''What I'm talking about in terms of collecting taxes isn't just going after fraud and abuse. Right now, a lot of business income is not disclosed. If you created a new IRS form that required banks to have the disclosure of input and output in terms of accounts, you would be able to collect a lot more,'' he added.

Khanna supported Biden's move to raise rates on those making over USD 400,000, and raising top marginal rates on them.

''I would consider a financial transaction tax on speculation. I would rather our money be going to producing batteries. Right now, China is eating our lunch when it comes to lithium ion battery production. They get all of the cobalt from the Democratic Republic of Congo,'' he said.

''Don't we want America producing those lithium ion batteries? Don't we want to be producing the electric vehicles? Don't we want to be producing critical manufacturing supplies? We couldn't even have masks. I mean, in World War II, we armed our entire military,'' Khanna said. PTI LKJ HMB

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Three militants killed in encounter with security forces in J-K's Shopian

Three militants were killed, while one surrendered before security forces during an encounter in Shopian district of Jammu and Kashmir on Thursday, police said.The security forces launched a cordon and search operation in Kanigam area of th...

Cricket-NZ's Black Caps forced to wait for India departure after IPL suspension

The New Zealand contingent involved in the Indian Premier League IPL will fly home on Friday, the countrys cricket board said on Thursday, but skipper Kane Williamson and three others will stay in India until next week before departing for ...

Bihar govt fixes ambulance charges for Covid patients

In wake of surge in COVID-19 cases, the Bihar government has fixed the rates of both AC and non-AC ambulances in the state. As per the order from the state Health and Transport department, not more than Rs 1,500 can be charged for a small n...

TRIPS waiver for vaccines important step in fight against COVID, say US lawmakers

The Biden administrations decision to support India and South Africas proposal at WTO to waive anti-COVID vaccine patents to boost its supply is an important step in the fight against the coronavirus pandemic, top US lawmakers have said.Pre...

Give Feedback