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Coalition on Human Needs


phkrause
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Wealthy Americans, especially billionaires, keep getting richer and richer while working families are struggling with increasing out-of-pocket expenses on everything from food to gas to housing.

In fact, a new report from our coalition partners, Americans for Tax Fairness, shows that America’s 740 billionaires have seen their wealth grow by $2 trillion since the pandemic began.[1] That’s a 70% increase!

Thankfully, President Biden and Senator Ron Wyden, Chair of the Senate Finance Committee, have each put forward plans to tax wealth like work.

The President’s plan would raise at least $360 billion over 10 years[2] while Sen. Ron Wyden’s Billionaires Income Tax would raise at least $550 billion.[3] What could we do with these funds?

We could expand the poverty-fighting Earned Income Tax Credit for a decade for 17 million low-wage workers ($135 billion) or expand the Child Tax Credit for four years ($484 billion), which, last year, lowered childhood poverty by 40%.[4]  

We could provide free preschool to 6 million three- and four-year olds ($214 billion). Or we could lower at-home care costs for the aging and people with disabilities ($209 billion).

Click here to write to your members of Congress and demand they pass a billionaires income tax to tax wealth’s giant gains like work and make America’s 740 billionaires pay taxes on their wealth gains each year, not just when they feel like it.

Right now, millionaires and billionaires only pay federal income tax when they sell assets such as stocks or a business. And since they can live on low-interest loans, backed by their exorbitant wealth, they rarely need to.

This means that, as their wealth grows, year after year, they’re able to get away with paying little to nothing in federal income taxes, even as you and I pay our taxes with every paycheck we earn.

President Biden and our champions in Congress are working to unrig our tax code and demand the ultra-rich pay taxes every year, just like you and I do.

Send a message directly to your senators and representative today and demand they pass a billionaires income tax to tax wealth like work and make America’s 740 billionaires pay taxes each year.

Thank you for fighting for investments in our future, paid for by making the rich and powerful pay their fair share.

Deborah Weinstein
Executive Director, Coalition on Human Needs

[1] https://americansfortaxfairness.org/issue/tax-day-americas-working-families-paying-fair-share-americas-billionaires-not/
[2] https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf
[3] https://www.finance.senate.gov/chairmans-news/wyden-statement-on-billionaires-income-tax-score
[4] https://americansfortaxfairness.org/issue/6-ways-spend-revenue-billionaires-income-tax/

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When it comes to tax breaks, Congress loves handing them to wealthy corporations. But working people and families? It’s like pulling teeth.

Take for example the research and development (R&D) tax break. This has been in place for almost 70 years and has bipartisan support. But, after expanding the Child Tax Credit (CTC) in 2021, lifting millions of children out of poverty, the Senate failed to renew this critical program in 2022.

Now, businesses are pushing for a continuation of the R&D tax break that has allowed them to deduct expenses immediately to help with cash flow. But what about the cash flow of struggling families?

Last year’s monthly checks of between $250 and $300 per child each month, assisted 36 million families across the country. Families living paycheck to paycheck who received those monthly payments reported being less likely to have to sell their plasma or go to debt-trap Payday Lenders to cover basic expenses.1

Now that those monthly CTC payments have stopped, and with the price of food rising, 2 million more people with children have reported sometimes or often not having enough to eat, compared to last summer, when the CTC payments were being delivered.2

Write to your members of Congress right now! Demand they not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for 61 million children.

SIGN & SEND

Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty. And adding to a really urgent cash flow problem, rising prices are forcing the average household to spend an extra $327 each month due to inflation.3

Write to your senators and representative and tell them not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for children and families.

Together, we’re demanding Congress prioritize the needs of working families over wealthy businesses.

Thank you,

Deborah Weinstein
Executive Director, Coalition on Human Needs

1 https://www.brookings.edu/research/the-impacts-of-the-2021-expanded-child-tax-credit-on-family-employment-nutrition-and-financial-well-being/
2 https://www.chn.org/wp-content/uploads/2022/05/covidsavecall5-4-22.pdf
3 https://www.cnbc.com/2022/04/13/inflation-is-costing-american-households-an-extra-327-a-month.html

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  • Members

Tell Congress:

“Put the needs of working families before wealthy businesses. Don’t pass the R&D corporate tax break without first renewing the expanded, monthly Child Tax Credit for 61 million children.”

Instead of receiving monthly Child Tax Credit payments between $250 and $300 per child, families are dishing out an extra $327 out of pocket each month, dealing with rising prices.

At the same time, wealthy corporations are pushing for their own tax break. They want a continuation of a research and development (R&D) tax break that allows businesses to immediately deduct expenses, which helps with cash flow.

Tell Congress: Prioritize the cash flow of struggling families over wealthy corporations. Don’t pass the R&D tax break until you first renew the expanded, monthly Child Tax Credit.

Thank you for fighting for the needs of tens of millions of families.

Nicolai Haddal
Field and Events Manager, Coalition on Human Needs

When it comes to tax breaks, Congress loves handing them to wealthy corporations. But working people and families? It’s like pulling teeth.

Take for example the research and development (R&D) tax break. This has been in place for almost 70 years and has bipartisan support. But, after expanding the Child Tax Credit (CTC) in 2021, lifting millions of children out of poverty, the Senate failed to renew this critical program in 2022.

Now, businesses are pushing for a continuation of the R&D tax break that has allowed them to deduct expenses immediately to help with cash flow. But what about the cash flow of struggling families?

Last year’s monthly checks of between $250 and $300 per child each month, assisted 36 million families across the country. Families living paycheck to paycheck who received those monthly payments reported being less likely to have to sell their plasma or go to debt-trap Payday Lenders to cover basic expenses.1

Now that those monthly CTC payments have stopped, and with the price of food rising, 2 million more people with children have reported sometimes or often not having enough to eat, compared to last summer, when the CTC payments were being delivered.2

Write to your members of Congress right now! Demand they not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for 61 million children.

SIGN & SEND

Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty. And adding to a really urgent cash flow problem, rising prices are forcing the average household to spend an extra $327 each month due to inflation.3

Write to your senators and representative and tell them not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for children and families.

Together, we’re demanding Congress prioritize the needs of working families over wealthy businesses.

Thank you,

Deborah Weinstein
Executive Director, Coalition on Human Needs

1 https://www.brookings.edu/research/the-impacts-of-the-2021-expanded-child-tax-credit-on-family-employment-nutrition-and-financial-well-being/
2 https://www.chn.org/wp-content/uploads/2022/05/covidsavecall5-4-22.pdf
3 https://www.cnbc.com/2022/04/13/inflation-is-costing-american-households-an-extra-327-a-month.html

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Good one, Bonnie.   :)

 

 

 

 

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On 4/15/2022 at 1:19 PM, phkrause said:

Wealthy Americans, especially billionaires, keep getting richer and richer while working families are struggling with increasing out-of-pocket expenses on everything from food to gas to housing.

In fact, a new report from our coalition partners, Americans for Tax Fairness, shows that America’s 740 billionaires have seen their wealth grow by $2 trillion since the pandemic began.[1] That’s a 70% increase!

Thankfully, President Biden and Senator Ron Wyden, Chair of the Senate Finance Committee, have each put forward plans to tax wealth like work.

The President’s plan would raise at least $360 billion over 10 years[2] while Sen. Ron Wyden’s Billionaires Income Tax would raise at least $550 billion.[3] What could we do with these funds?

We could expand the poverty-fighting Earned Income Tax Credit for a decade for 17 million low-wage workers ($135 billion) or expand the Child Tax Credit for four years ($484 billion), which, last year, lowered childhood poverty by 40%.[4]  

We could provide free preschool to 6 million three- and four-year olds ($214 billion). Or we could lower at-home care costs for the aging and people with disabilities ($209 billion).

Click here to write to your members of Congress and demand they pass a billionaires income tax to tax wealth’s giant gains like work and make America’s 740 billionaires pay taxes on their wealth gains each year, not just when they feel like it.

Right now, millionaires and billionaires only pay federal income tax when they sell assets such as stocks or a business. And since they can live on low-interest loans, backed by their exorbitant wealth, they rarely need to.

This means that, as their wealth grows, year after year, they’re able to get away with paying little to nothing in federal income taxes, even as you and I pay our taxes with every paycheck we earn.

President Biden and our champions in Congress are working to unrig our tax code and demand the ultra-rich pay taxes every year, just like you and I do.

Send a message directly to your senators and representative today and demand they pass a billionaires income tax to tax wealth like work and make America’s 740 billionaires pay taxes each year.

Thank you for fighting for investments in our future, paid for by making the rich and powerful pay their fair share.

 

This article is so flawed it should almost warrant a spot in the humor section.

Commentary: The wealthy do pay their fair share of taxes | Columnists | fredericksburg.com

There is a really radical, novel solution to our tax problem. 10% across the board, regardless of your income level, gov live within it's means.

The latest data we have is for the 2018 tax year. The top 1 percent of taxpayers paid 40.1% of the tax dollars collected in 2018. The top 10% paid 71.4% and the top 50% paid 97.1% of the total tax receipts of $10,644 million.

The bottom 50% of taxpayers paid 2.9%, $626 million, at an average rate of 3.9%. Data for the prior tax year shows the same pattern. These facts indicate that the wealthy are, indeed, paying their fair share of federal taxes.

 

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If the wealthy didn't pay  their share of taxes, money for Last year’s monthly checks of between $250 and $300 per child each month, came from who?  the 50% of taxpayers who paid 2.9%, $626 million.  It isn't the wealthy that cost me 52.00 yesterday to fill my tank.  Not the wealthy that have increased my monthly cost for city gas to  110.00, a month from a maximum of 75.00 in winter, nor have the wealthy caused empty grocery shelves and higher prices for everything else.

I have several very wealthy relatives. Not one affected my income to get where they are. The generosity of most of them is astounding. They pay taxes every year and are extremely generous to others,so let's take more from them. Makes sense I guess

 

 

 

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