If Dems re-take Congress in November, they must overhaul the tax code to make corporations and the rich pay their fair share.
JULIA CONLEY for Common Dreams
Highlighting the massive investments the federal government could make if legislators pass bold new tax reforms following next year's expiration of the Trump-era tax cuts, more than 100 public interest groups on Tuesday wrote to congressional leaders and urged them to correct the "large and costly mistake" that Republicans pushed through in 2017 over the objections of the public.
Nearly seven years after the passage of the Tax Cuts and Jobs Act (TCJA), said the coalition led by Groundwork Collaborative, the law has been proven to be "a failure on its own terms," with the average worker seeing none of the financial benefits promised by Republican Party and former President Donald Trump, who is running for the White House again.
"The Trump administration claimed that the TCJA's
corporate tax cuts would lead to significantly higher wages for typical
workers, but in reality, workers who earned less than $114,000—the overwhelming
majority of Americans—did not experience any increase
in earnings from the TCJA while the compensation of top
corporate executives skyrocketed,"
wrote the groups, including Americans for Tax Fairness, Children's Defense
Fund, and the National Domestic Workers Alliance.
The groups outlined three concrete goals that must be
included in any tax reform considered by Congress in 2025:
- · Make the tax code more fair by asking high-income households (those who take home more than $400,000), the extremely wealthy, large profitable corporations, and Wall Street to pay a greater share of their income in taxes than if each of the expiring TCJA provisions were simply allowed to expire, while also restoring essential supports for children and families with low or moderate income or wealth and families who've experienced discrimination;
- · Raise more revenue than would be generated by letting all of the temporary TCJA provisions sunset, so that we can support much-needed investments in everyday Americans; make good on our commitments to our seniors, families, and historically underfunded communities; and reduce our fiscal risks; and
- · Support greater and more inclusive economic growth by providing more financial security and opportunities for typical Americans, narrowing racial wealth gaps by boosting economic mobility, and disincentivizing economically harmful conduct by large corporations.
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