Tax cuts for millionaires will not cure COVID-19!
As the number of unemployment reaches levels we have not seen since the Great Depression and the food bank lines that wrap around the block, it does not seem too much to ask for funding to support COVID-19 to be targeted at those most in need. not the super wealthy.
But GOP always has a way to sneak in tax cuts for their super rich comrades and they did it again with the CARES Act!
Here's what happens: Congress passed the CARES Act in late March. This $ 2 trillion COVID-19 aid package was designed to help families fight and provide much-needed assistance to small businesses and non-cash countries (and for the most part!). But somehow the GOP leaders managed to sneak into a vague provision allowing wealthy business owners (such as real estate companies and hedge funds) to receive huge tax savings and refunds, allowing wealthy business owners to take advantage. losses unrelated to the pandemic. The cost of this distribution to millionaires: 135 billion dollars!
To be clear, this distribution of millionaires has NOTHING to do with COVID-19 or is helping our shattered economy recover from this pandemic and will continue long after the end of COVID-19. It comes without attached strings. Business owners should not promise to keep workers or return their money as airlines and other corporations receive rescue funds.
Despite millions of unemployed people and our front-line workers still without the tests, vaccines and safety equipment they need to continue their heroic tasks, Millionaires Giveaway benefits from just 43,000 millionaires, who will catch an average of 1 , $ 6 million wind. Outrageous! What could we do with $ 135 billion instead? We could pay for N95 masks – one hundred for every American! – plus 1 million hospital ventilators.
Efforts are currently underway, led by US Senator Whitehouse and US Representative Doggett, to repeal #MillionairesGiveaway. And we have good news! This important provision was included in the HEROES Act – just passed in the House the next day! Even better, the HEROES Act also includes a temporary increase for the 2020 tax year (next year) in the children's tax credit and income tax (EITC). This temporary expansion is good in time most economists predict next year, unemployment will be at double digits. We need more regulations like this and less like #MillionairesGiveaway to get our families and economy out through this pandemic and economic downturn.
The HEROES Act has many provisions to support COVID-19 that we think our families need – both on the tax front and for meals, paid family leave and paid sick days, support for hospitals and states, paying for danger for front-line workers and other direct payments for fighting families, including immigrant families. But negotiations in Congress are becoming difficult. Not everyone is on the same page about the need for another COVID-19 aid package – Senate Republican leader Mitch McConnell and his allies went straight out and said they didn't think we needed another coronavirus bill. We need YOU to help change our minds and let them know that this is crucial for our families. After you sign our letter, share this blog post with your friends and family and post the action link on Facebook so that others can take action.
There are many things that need to be done for our families and economy to recover from this pandemic, but I think we can all agree that giving millions of dollars to the rich in uber is not one of the actions that Congress must take action! Thank you for all the support and keep talking during this difficult time!
Postscript Wondering how you can apply for SNAP (food stamps) as well as other nutrition support programs, Unemployment Insurance, and whether you qualify for the new paid days for sick leave and paid family leave adopted by Congress? We covered you! Watch the video on our webinars and resources page.
P.P.S. Want to know more about #MillionairesGiveaway and help spread the word about cancellation? Check out this short video on Twitter by our American partners for tax justice.