With unemployment numbers reaching levels we haven’t seen since the Great Depression, testing for COVID-19 falling way behind where it should be, and lines for food banks wrapping around the block our families and economy are still struggling in the face of this pandemic.
We need support and aid the lifts up our families, helps our economy recover, and is directed at putting an end to COVID-19. That is why I urge you to support and pass the HEROES Act immediately! This bill provides much-needed support to struggling families, like a temporary increase for tax year 2020 in the Child Tax Credit and Earned Income Tax Credit (EITC). This temporary expansion is well-timed since most economists are predicting unemployment will still be at double-digit levels next year.
In addition, this legislation repeals the $135 billion “Millionaires Giveaway” that was sneaked into the CARES Act. This gratuitous provision, which has nothing to do with COVID-19, comes with no strings attached—business owners don’t have to promise to keep on workers or pay the money back like airlines and other corporations getting bailouts. Rather then lifting up the masses, this provision only benefits 43,000 millionaires, who on average will catch a $1.6 million windfall. What could we do with $135 billion instead? We could pay for hundred of N95 masks for every American plus 1 million hospital-grade ventilators.
We need our elected leaders to be lifting up struggling families in our time of need, not giving away tax cuts to the ultra-wealthy. I hope you will instead stand with working families and pass boosts to the Child Tax Credit and EITC in your next COVID-19 relief package.