Coalition on Human Needs

[phkrause]

Wealthy Americans, especially billionaires, keep getting richer and richer while working families are struggling with increasing out-of-pocket expenses on everything from food to gas to housing.

In fact, a new report from our coalition partners, Americans for Tax Fairness, shows that America’s 740 billionaires have seen their wealth grow by $2 trillion since the pandemic began.[1] That’s a 70% increase!

Thankfully, President Biden and Senator Ron Wyden, Chair of the Senate Finance Committee, have each put forward plans to tax wealth like work.

The President’s plan would raise at least $360 billion over 10 years[2] while Sen. Ron Wyden’s Billionaires Income Tax would raise at least $550 billion.[3] What could we do with these funds?

We could expand the poverty-fighting Earned Income Tax Credit for a decade for 17 million low-wage workers ($135 billion) or expand the Child Tax Credit for four years ($484 billion), which, last year, lowered childhood poverty by 40%.[4]  

We could provide free preschool to 6 million three- and four-year olds ($214 billion). Or we could lower at-home care costs for the aging and people with disabilities ($209 billion).

Click here to write to your members of Congress and demand they pass a billionaires income tax to tax wealth’s giant gains like work and make America’s 740 billionaires pay taxes on their wealth gains each year, not just when they feel like it.

TAKE ACTION

Right now, millionaires and billionaires only pay federal income tax when they sell assets such as stocks or a business. And since they can live on low-interest loans, backed by their exorbitant wealth, they rarely need to.

This means that, as their wealth grows, year after year, they’re able to get away with paying little to nothing in federal income taxes, even as you and I pay our taxes with every paycheck we earn.

President Biden and our champions in Congress are working to unrig our tax code and demand the ultra-rich pay taxes every year, just like you and I do.

Send a message directly to your senators and representative today and demand they pass a billionaires income tax to tax wealth like work and make America’s 740 billionaires pay taxes each year.

Thank you for fighting for investments in our future, paid for by making the rich and powerful pay their fair share.

Deborah Weinstein
Executive Director, Coalition on Human Needs

[1] https://americansfortaxfairness.org/issue/tax-day-americas-working-families-paying-fair-share-americas-billionaires-not/
[2] https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf
[3] https://www.finance.senate.gov/chairmans-news/wyden-statement-on-billionaires-income-tax-score
[4] https://americansfortaxfairness.org/issue/6-ways-spend-revenue-billionaires-income-tax/

[phkrause]

When it comes to tax breaks, Congress loves handing them to wealthy corporations. But working people and families? It’s like pulling teeth.

Take for example the research and development (R&D) tax break. This has been in place for almost 70 years and has bipartisan support. But, after expanding the Child Tax Credit (CTC) in 2021, lifting millions of children out of poverty, the Senate failed to renew this critical program in 2022.

Now, businesses are pushing for a continuation of the R&D tax break that has allowed them to deduct expenses immediately to help with cash flow. But what about the cash flow of struggling families?

Last year’s monthly checks of between $250 and $300 per child each month, assisted 36 million families across the country. Families living paycheck to paycheck who received those monthly payments reported being less likely to have to sell their plasma or go to debt-trap Payday Lenders to cover basic expenses.¹

Now that those monthly CTC payments have stopped, and with the price of food rising, 2 million more people with children have reported sometimes or often not having enough to eat, compared to last summer, when the CTC payments were being delivered.²

Write to your members of Congress right now! Demand they not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for 61 million children.

SIGN & SEND

Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty. And adding to a really urgent cash flow problem, rising prices are forcing the average household to spend an extra $327 each month due to inflation.³

Write to your senators and representative and tell them not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for children and families.

Together, we’re demanding Congress prioritize the needs of working families over wealthy businesses.

Thank you,

Deborah Weinstein
Executive Director, Coalition on Human Needs

¹ https://www.brookings.edu/research/the-impacts-of-the-2021-expanded-child-tax-credit-on-family-employment-nutrition-and-financial-well-being/
² https://www.chn.org/wp-content/uploads/2022/05/covidsavecall5-4-22.pdf
³ https://www.cnbc.com/2022/04/13/inflation-is-costing-american-households-an-extra-327-a-month.html

[phkrause]

Tell Congress: “Put the needs of working families before wealthy businesses. Don’t pass the R&D corporate tax break without first renewing the expanded, monthly Child Tax Credit for 61 million children.”

Instead of receiving monthly Child Tax Credit payments between $250 and $300 per child, families are dishing out an extra $327 out of pocket each month, dealing with rising prices.

At the same time, wealthy corporations are pushing for their own tax break. They want a continuation of a research and development (R&D) tax break that allows businesses to immediately deduct expenses, which helps with cash flow.

Tell Congress: Prioritize the cash flow of struggling families over wealthy corporations. Don’t pass the R&D tax break until you first renew the expanded, monthly Child Tax Credit.

Thank you for fighting for the needs of tens of millions of families.

Nicolai Haddal
Field and Events Manager, Coalition on Human Needs

When it comes to tax breaks, Congress loves handing them to wealthy corporations. But working people and families? It’s like pulling teeth.

Take for example the research and development (R&D) tax break. This has been in place for almost 70 years and has bipartisan support. But, after expanding the Child Tax Credit (CTC) in 2021, lifting millions of children out of poverty, the Senate failed to renew this critical program in 2022.

Now, businesses are pushing for a continuation of the R&D tax break that has allowed them to deduct expenses immediately to help with cash flow. But what about the cash flow of struggling families?

Last year’s monthly checks of between $250 and $300 per child each month, assisted 36 million families across the country. Families living paycheck to paycheck who received those monthly payments reported being less likely to have to sell their plasma or go to debt-trap Payday Lenders to cover basic expenses.¹

Now that those monthly CTC payments have stopped, and with the price of food rising, 2 million more people with children have reported sometimes or often not having enough to eat, compared to last summer, when the CTC payments were being delivered.²

Write to your members of Congress right now! Demand they not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for 61 million children.

SIGN & SEND

Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty. And adding to a really urgent cash flow problem, rising prices are forcing the average household to spend an extra $327 each month due to inflation.³

Write to your senators and representative and tell them not pass the R&D business tax break without first passing the expanded, monthly Child Tax Credit for children and families.

Together, we’re demanding Congress prioritize the needs of working families over wealthy businesses.

Thank you,

Deborah Weinstein
Executive Director, Coalition on Human Needs

¹ https://www.brookings.edu/research/the-impacts-of-the-2021-expanded-child-tax-credit-on-family-employment-nutrition-and-financial-well-being/
² https://www.chn.org/wp-content/uploads/2022/05/covidsavecall5-4-22.pdf
³ https://www.cnbc.com/2022/04/13/inflation-is-costing-american-households-an-extra-327-a-month.html

[bonnie]

A comprehensive list of what the world owes you and what you ARE ENTITLED To

 

https://images.app.goo.gl/tcpNUj5dTbQYUytV6

[Gregory Matthews]

Good one, Bonnie.   

 

 

 

 

[bonnie]

On 4/15/2022 at 1:19 PM, phkrause said:

Wealthy Americans, especially billionaires, keep getting richer and richer while working families are struggling with increasing out-of-pocket expenses on everything from food to gas to housing.

In fact, a new report from our coalition partners, Americans for Tax Fairness, shows that America’s 740 billionaires have seen their wealth grow by $2 trillion since the pandemic began.[1] That’s a 70% increase!

Thankfully, President Biden and Senator Ron Wyden, Chair of the Senate Finance Committee, have each put forward plans to tax wealth like work.

The President’s plan would raise at least $360 billion over 10 years[2] while Sen. Ron Wyden’s Billionaires Income Tax would raise at least $550 billion.[3] What could we do with these funds?

We could expand the poverty-fighting Earned Income Tax Credit for a decade for 17 million low-wage workers ($135 billion) or expand the Child Tax Credit for four years ($484 billion), which, last year, lowered childhood poverty by 40%.[4]  

We could provide free preschool to 6 million three- and four-year olds ($214 billion). Or we could lower at-home care costs for the aging and people with disabilities ($209 billion).

Click here to write to your members of Congress and demand they pass a billionaires income tax to tax wealth’s giant gains like work and make America’s 740 billionaires pay taxes on their wealth gains each year, not just when they feel like it.

TAKE ACTION

Right now, millionaires and billionaires only pay federal income tax when they sell assets such as stocks or a business. And since they can live on low-interest loans, backed by their exorbitant wealth, they rarely need to.

This means that, as their wealth grows, year after year, they’re able to get away with paying little to nothing in federal income taxes, even as you and I pay our taxes with every paycheck we earn.

President Biden and our champions in Congress are working to unrig our tax code and demand the ultra-rich pay taxes every year, just like you and I do.

Send a message directly to your senators and representative today and demand they pass a billionaires income tax to tax wealth like work and make America’s 740 billionaires pay taxes each year.

Thank you for fighting for investments in our future, paid for by making the rich and powerful pay their fair share.

 

This article is so flawed it should almost warrant a spot in the humor section.

Commentary: The wealthy do pay their fair share of taxes | Columnists | fredericksburg.com

There is a really radical, novel solution to our tax problem. 10% across the board, regardless of your income level, gov live within it's means.

The latest data we have is for the 2018 tax year. The top 1 percent of taxpayers paid 40.1% of the tax dollars collected in 2018. The top 10% paid 71.4% and the top 50% paid 97.1% of the total tax receipts of $10,644 million.

The bottom 50% of taxpayers paid 2.9%, $626 million, at an average rate of 3.9%. Data for the prior tax year shows the same pattern. These facts indicate that the wealthy are, indeed, paying their fair share of federal taxes.

 

[bonnie]

If the wealthy didn't pay  their share of taxes, money for Last year’s monthly checks of between $250 and $300 per child each month, came from who?  the 50% of taxpayers who paid 2.9%, $626 million.  It isn't the wealthy that cost me 52.00 yesterday to fill my tank.  Not the wealthy that have increased my monthly cost for city gas to  110.00, a month from a maximum of 75.00 in winter, nor have the wealthy caused empty grocery shelves and higher prices for everything else.

I have several very wealthy relatives. Not one affected my income to get where they are. The generosity of most of them is astounding. They pay taxes every year and are extremely generous to others,so let's take more from them. Makes sense I guess

 

 

 

[phkrause]

Republicans weren’t kidding! In their first order of legislative business (after finally electing a Speaker of the House) Republicans just voted to defund the IRS.

This bill would repeal major improvements to IRS tax enforcement designed to crack down on millionaire, billionaire, and corporate tax cheats. It also would slash IRS funding needed to help get our tax refunds on time and our phone calls answered promptly.

This legislation is a top priority for the GOP because it’s part of their ideology that seeks to dismantle key functions of government that hold the wealthy and corporations accountable―the same special interests that bankroll their campaigns.

Meuser speaks on IRS defunding bill

WYSOX — U.S. Rep. Dan Meuser (R-Pa.-9) discussed the recent passage of a bill to defund the IRS during his visit with community members at the Towanda Golf Club on Saturday afternoon.

https://www.thedailyreview.com/news/local/meuser-speaks-on-irs-defunding-bill/article_8d9d0ce9-56a8-5f69-bf58-def07fc424c6.html

Michael Busler: A National Sales Tax is a Bad Idea. Here's a Better One.

The Republicans recently suggested replacing Federal income taxes with a 30% sales tax on all consumption. After careful consideration, the GOP decided to abandon this idea, at least for now.

https://www.newsmax.com/finance/michaelbusler/federal-income-tax-national-sales-regressive/2023/01/31/id/1106632/

ps:Personally I like this guys plan!!

[phkrause]

What is the most pressing issue facing the United States? If you said protecting wealthy and corporate tax cheats, you should be a Republican member of the House of Representatives. That’s because, in their first legislative vote of the new Congress, House Republicans voted to repeal $72 billion of IRS funding included in the Inflation Reduction Act―funding which would allow the IRS to finally crack down on millionaires, billionaires, and corporations who dodge hundreds of billions of dollars they owe in taxes each year. We’re organizing our allies right now to ensure the U.S. Senate rejects House Republicans’ first order of business: defunding the IRS to protect their wealthy and corporate campaign contributors. Rush a contribution right now to fight back and win! In 2010, Republicans slashed IRS funding, resulting in audit rates of millionaires and billionaires dropping by 71% and audit rates of large corporations declining by 54%.[1] That’s exactly why, last year, Democrats included increased IRS funding by $80 billion over ten years in the Inflation Reduction Act. This investment will modernize the IRS, providing the agency with the resources it needs to hold wealthy and corporate tax cheats accountable. It will also vastly improve services for taxpayers, ensuring you get your refunds on time and get your phone calls promptly answered. This investment will raise more than $200 billion.   This bill would repeal major improvements to IRS tax enforcement designed to crack down on millionaire, billionaire, and corporate tax cheats. It also would slash IRS funding needed to help get our tax refunds on time and our phone calls answered promptly. This legislation is a top priority for the GOP because it’s part of their ideology that seeks to dismantle key functions of government that hold the wealthy and corporations accountable―the same special interests that bankroll their campaigns. In order to gain the Speaker’s gavel, Kevin McCarthy offered major concessions to the far-right faction of his caucus. They’ve already signaled that holding the Speakership hostage was only their first step. They plan to hold Social Security and Medicare hostage through a debt ceiling fight later this year. They plan to demand major cuts to other critical programs, including healthcare and nutrition programs for the poor, in exchange for simply keeping the government running. To top it off, they plan to push ahead with renewing the Trump-GOP tax cuts that are set to expire in coming years. Last year, we fought for and won a historic investment in the IRS to modernize services for everyday taxpayers and to crack down on wealthy tax cheats who dodge $160 billion that they owe in taxes each year.[1] In an election year lie, Republicans claimed that this investment would result in an army of 87,000 IRS agents coming after middle-class families and small businesses―major fact check organizations have debunked this claim. Their first vote, just now, is in keeping with their election promise to repeal IRS funding. Together, we’re fighting for a tax system and economy that puts working people and everyday taxpayers first. Frank Clemente Executive Director Americans for Tax Fairness Action Fund [1] “ATF Urges House to Vote NO on GOP Bill to Protect Rich & Corporate Tax Cheats,” Americans for Tax Fairness, Jan. 3, 2023   Key Republicans oppose House GOP bill to abolish tax code Republican supporters of a bill aimed at abolishing the tax code as we know it are running into an early barrier in the House: their own leadership. https://thehill.com/policy/finance/3832344-key-republicans-oppose-house-gop-bill-to-abolish-tax-code/

[phkrause]

The Truth About Corporate Subsidies | Robert Reich

Following the destruction of the Great Depression, the FDR administration created an alphabet soup of regulatory agencies — the SEC, FCC, FHA, and so on — that regulated businesses.

Corporations were required by the government to produce public goods, or avoid public “bads” like a financial meltdown, as conditions for staying in business.

But as our most recent video explains, the U.S. government has shifted from this regulatory environment to one where we practically bribe businesses to act in our best interest.

https://www.youtube.com/watch?v=xGFbAqIx7fA

 

[phkrause]

Investments made by Democrats in the Inflation Reduction Act will help everyday taxpayers get faster refunds and their phone calls answered. It will crack down on wealthy tax cheats who avoid paying $160 billion in taxes they owe, each year.[1] And, it’ll raise more than $200 billion in tax revenue that can help lower costs for working people on everything from healthcare to childcare to energy costs and more.[2]

This isn’t the first time that congressional Republicans have acted to defund the IRS. Since 2010, congressional Republicans have forced IRS budget cuts of 20%, leading to delays in processing tax returns and resulting in audit rates of millionaires and billionaires dropping by 71% and of large corporations by 54%.[3]

[1] “In First Legislative Vote, Top Priority for New GOP House is Protecting Rich Tax Cheats,” Americans for Tax Fairness, Jan. 9, 2023
[2] “Added IRS Funding Would Help Ensure High-Income Households, Businesses Pay Their Taxes,” Center on Budget and Policy Priorities, Aug. 12, 2022
[3] “Congress Needs to Take Two Steps to Fund the IRS for the Short and Long Term,” Center on Budget and Policy Priorities, Feb. 1, 2022

1-FACT SHEET: Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy

https://home.treasury.gov/news/press-releases/jy0415

[2] “Added IRS Funding Would Help Ensure High-Income Households, Businesses Pay Their Taxes,” Center on Budget and Policy Priorities, Aug. 12, 2022

2-The Effects of Increased Funding for the IRS

https://www.cbo.gov/publication/57444

[3] “Congress Needs to Take Two Steps to Fund the IRS for the Short and Long Term,” Center on Budget and Policy Priorities, Feb. 1, 2022

3-Defend IRS Funding as a High-Return Investment in Democracy

https://news.bloombergtax.com/tax-insights-and-commentary/defend-irs-funding-as-a-high-return-investment-in-democracy

[phkrause]

Treasury study shows stark racial differences in tax breaks, credits

At least 90 percent of the benefits of tax breaks for capital gains, charitable deductions and small businesses go to white taxpayers, according to a new Treasury analysis.

https://www.politico.com/news/2023/01/20/treasury-whites-disproportionately-benefit-from-capital-gains-charitable-contribution-tax-breaks-00078777?

[phkrause]

The U.S. Government Accountability Office (GAO) just released a report on the effective tax rate of major corporations following the 2017 Trump-GOP Tax Cuts, and it’s not good.¹

The Trump Tax Scam lowered the corporate tax rate from 35% to just 21%, and added even more loopholes to a corporate tax code already riddled with them. As a result, the share of profitable corporations paying no corporate taxes increased to 34%.

That’s right -- thanks to the Trump tax bill, over a third of profitable corporations paid no corporate taxes whatsoever. In the 1950’s, corporate taxes paid for nearly one-third of government services. Now, corporate taxes only make up 10.6% of government revenue.²

With inflation still at historic levels -- mostly caused by corporate price gouging -- it’s time for corporations to pay their fair share in taxes.

Corporations are raking in record profits off of the backs of cash-strapped American consumers, and paying almost nothing (and in many cases literally nothing) on their billions in profits. That money is then funneled directly to executives and wealthy shareholders, drastically increasing economic inequality.

It’s time we end this cycle. Together, we’re fighting for an economy that puts working people first, not millionaires, billionaires, and greedy corporations.

¹ Corporate Income Tax: Effective Rates Before And After 2017 Law Change.
² President Trump’s Laughable Plan to Cut His Own Taxes

[bonnie]

Just one month after the monthly CTC payments stopped, 3.7 million children were plunged back into poverty. And adding to a really urgent cash flow problem, rising prices are forcing the average household to spend an extra $327 each month due to inflation.³   That is kind of a no brainer. You cannot give enough to someone to permanently lift people out of poverty. As soon as the monthly check is spent,back to square one for most. If those receiving the checks fail to use the extra help as a stepping stone be prepared to give monthly till death.         

[bonnie]

When did increasing taxes translate into  the estimated revenue that would mean  all the wonderful things they could accomplish with that?

When you take in $$ and spend $$$$ even a politician should understand that doesnt work.

Remember the increase in tax on cigarettes, oh the excitement of how much good that would  produce? What happened to all that money? 

For all the whining about the poor this country would be in really tough times relying on  the taxes from the poor and middle class. Who do you think makes it possible to hand checks to able bodied people based on the number of children they have?

If the democrats are honestly concerned about what they claim is the unfairness, which one of the filthy rich democrat politicians have stepped up and voluntarily paid "their fair share"? Do you think Biden, Pelosi, with multiple homes have stepped up and paid their fair share? All the other phony extremely wealthy that sit in government and pontificate,have they stepped forward?

 

 

 Congressional Budget Office

Top one percent of households pay an average income tax rate of 24 percent while the middle quintile pays an average income tax rate of 3 percent.

- The top one percent of households pay an average total tax rate of 33.3 percent while the middle quintile pays an average total tax rate of over 14 percent.

- The top 20 percent of households pay an average total tax rate of 26.7 percent while the middle quintile pays an average total tax rate of 14 percent.

[phkrause]

Child poverty dropped to a record low last year. A new report shows how to keep it that way

The expanded child tax credit that families received in 2021 helped reduce child poverty across the country, but particularly in the South where families lack a sufficient safety net, according to a paper released on Wednesday. The report by the Hamilton Project, the Brookings Institution’s economic policy initiative, comes as some Democrats appear ready to attempt another deal to revive the credit.

https://floridaphoenix.com/2023/03/03/child-poverty-dropped-to-a-record-low-last-year-a-new-report-shows-how-to-keep-it-the-way/?