Due to the Tax Cuts and Jobs Act, our tax code is already broken—harming our families, our children’s future, and our economy. It’s not too late to do the right thing! The TCJA showered billions of dollars on the wealthiest Americans and mega-corporations but largely left out millions of working families. This must be remedied! Rather than continuing to give trillions of dollars away in tax cuts to mega-corporations, Congress should repeal this upside down, harmful law, make sure the richest among us pay their fair share, and concentrate its efforts on strengthening working family credits so our families can better care for their families and become more economically stable.
Expanding and strengthening the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) will go a long way toward fixing our broken tax code and provide struggling families with the support they desperately need. Congress should pass improvements to these tax credits, like those found in the Working Families Tax Relief Act, that would address the gaps in the existing credits and expand them to reach more families with kids and provide more assistance to families already getting the credit, especially at the lowest incomes. Research indicates that children in families receiving the EITC and Child Tax Credit do better in school, are likelier to attend college, and can be expected to earn more as adults.
In addition, we need tax policies that make the wealthy and mega-corporations pay their fair share. This includes, raising taxes on the super-rich, both on high incomes and accumulated wealth; reforming taxation of investment income to that wealth is taxed more like work; reinvigorating the corporate tax code by raising rates, closing loopholes, and repealing incentives to offshore profits and outsource jobs; and ending tax breaks for wealthy businesses, such as a special real-estate provisions that have benefited the Trump family.
These are the types of tax policies our families need. Not trillions of dollars in tax giveaways to the already wealthy and mega-corporations.