Making our economy fairer for working people begins with ensuring our tax system works for all of us, not just the rich and powerful.
By Noah Streng
Due to the extended deadline for filing 2020 tax returns, May 17th was “Tax Day” this year and it was marked by members of Congress and progressive allies holding a virtual rally commemorating #TaxFairnessDay. The rally celebrated the Biden administration’s plan to raise taxes on those making more than $400,000 per year, while closing tax loopholes that allow corporations and the 1% to rig the system in their favor by avoiding their fair share of taxes. House Speaker Nancy Pelosi attended the event, noting that Biden’s American Jobs and American Families Plans will create millions of jobs and make a historic investment in childcare, education, universal pre-K, paid family and medical leave, and working family tax credits, including extending the Child Tax Credit which is estimated to cut child poverty in half.
President Biden’s tax and investment plans represent a historic step towards building an economy that works for all of us, not just the 1%. As Biden pollster John Anzalone noted during the virtual rally, it is time that the Democrats take control of the tax narrative and put Republicans on the defensive for protecting corporations and the ultra-wealthy from paying their fair share of taxes. It’s not just Anzalone that believes this, though, as recent polling suggests that two-thirds of Americans support raising taxes on those making over $400,000 per year.
Over the course of the pandemic, millions of Americans have lost their jobs and almost 600,000 have lost their lives. Meanwhile, since the pandemic hit the US US billionaires have increased their wealth by $1.6 trillion. Chuck Collins of the Institute for Policy Studies stated during the virtual rally that Biden’s plan to increase IRS funding by $80 billion over the next ten years would give the IRS the tools it needs to combat the wealth defense industry that helps corporations and the ultra-wealthy set up offshore tax haven accounts, dynasty trusts, and other ways to avoid paying taxes. When the wealthy don’t pay their fair share, they freeload off of the public investments in infrastructure, education, and healthcare that the rest of us pay for and benefit from.
Making our economy fairer for working people begins with ensuring our tax system works for all of us, not just the rich and powerful. We should commend President Biden for his commitment to closing the tax gap and investing in the American people. Watch the virtual rally live stream below!