The People's Budget Creates Fair Taxation for Working Families
The last thing America needs is for the tax code to be even more rigged in favor of billionaires and corporate insiders. Instead we need to fight for a tax code and budget that makes the economy work better for working families. More tax breaks for the super rich will only undermine our commitment for to Social Security, Medicare and Medicaid and make it impossible to invest in the middle class.Closing Tax Loopholes— The People’s Budget closes tax loopholes that corporations use to ship jobs overseas, and stops CEOs from receiving millions in tax-free bonuses. By tackling inequality through fair tax rates for all Americans, the budget levels the playing field for working people while ensuring wealthy people and big corporations pay their fair share. These tax loopholes mean the loss of millions of dollars in revenue which could be used to reinvest in American families and communities.
Tax Wall Street to fund Main Street— The American people bailed out Wall Street big banks back in 2008 during the financial recession, while ordinary Americans suffered the consequences of the economic downturn. To prevent the type of reckless and risky practices that could lead to another future economic crisis, the People’s Budget enforces fair taxation policies that prevent Wall Street from taking advantage of tax loopholes and tax cuts and makes them pay their fair share. Similarly, the People’s Budget will collect revenue from the wealthiest few who can afford to pay more, while ensuring that ordinary American families are not paying more than they can afford. The budget also ensures that profits from investments are finally taxed at the same rate as income taxes, preventing wealthy individuals and corporations. The revenue from the fair taxation policies will go directly back to reinvesting in America, further ensuring that American families get a fair deal.
Preventing Offshoring and Outsourcing— The People’s Budget stops companies from renouncing their American citizenship to dodge U.S. taxes. It also ends corporate tax breaks for offshoring American jobs and profits. Expand the Earned Income Tax Credit and the Child Care Credit— These tax credits help ordinary American families succeed and prosper, and the People’s Budget ensures that, rather than cutting these vital tax credits, the budget will expand these critical investments in American families.