Powerful CEOs are lobbying for the last days of a unified Democratic Congress to be used to…extend massive tax breaks for billionaire corporations. Many in Congress seem eager to give them what they want.
But while price-gouging corporations ask for more special tax breaks, Congress has yet to take any action to renew the Child Tax Credit that cut child poverty in half before lapsing.
Congresswoman Pramila Jayapal and nearly 60 progressives in Congress are urging Speaker Nancy Pelosi and Majority Leader Chuck Schumer to insist that Democrats stand strong against corporate tax giveaways in must-pass year-end bills — unless Republicans agree to pair them with help for children and families.
SIGN ON TO ADD YOUR VOICE:
“We strongly urge Congress to put children first by extending the monthly Child Tax Credit and Earned Income Tax Credit which lapsed last year. Corporations shouldn’t get any special tax breaks while families are left behind.”
Many of the same CEOs asking for tax breaks juiced their profits with greedy price hikes that spiked inflation and made it harder for struggling families to pay rent and put food on the table.
The expanded child tax credit cut childhood poverty in half practically overnight. But Republicans and Joe Manchin allowed it to expire last year. Now millions of families are struggling once again to pay the electric bill, buy presents for the holidays, and afford basic necessities for their kids.
The expanded earned income tax credit helped an estimated 17 million workers, who received $700 more on average than under the previous credit.
These tax credits:
- Helped families afford food, almost immediately reducing food insufficiency by 24 percent after the first monthly CTC payment was sent in July.
- Helped families cut their reliance on costly, risky financial products like credit cards, payday loans, pawn shops – and even selling blood plasma and
- Helped families keep up with regular expenses, with households with children experiencing an 8 percent drop in financial insecurity after the first checks went out.
Progressive Change Campaign Committee, Blue Amp Action, Americans for Democratic Action (ADA), Broward for Progress, Saphron Initiative, BOWL PAC, Integrity First Voter Action Project, ROC Action, OD Action, Courage California, Progress America, The People United, Progressive Reform Network, Promote the Vote PA, The Six PAC, Crazy Eight PAC, Integrity First PAC, Fight the Right PAC, Blue States PAC, Lori Trahan for Congress