America Needs a Care Infrastructure More Than Our Wealthiest Corporations Need to Continue Their Tax Breaks
“We have become a nation in which low- and middle-income working people pay taxes but the wealthiest individuals and corporations do not. That has led to historic income and wealth inequality and further entrenched the punitive racial and gender disparities we are experiencing today. Quite simply, it needs to change. In a healthy democracy, everyone pays their fair share of taxes.
“That’s why we are so pleased that Congress seems poised to include both the Corporate Profits Minimum Tax (CPMT) and the Billionaires Tax in the Build Back Better plan. We need to end the days when our wealthiest corporations pay no federal taxes. We thank U.S. Senators Elizabeth Warren (D-Mass.), Angus King (I-Maine), and Senate Finance Committee Chair Ron Wyden (D-Ore.) for supporting the Corporate Profits Minimum Tax, which would apply to some 200 companies that report more than $1 billion in profits each year, creating a 15% minimum tax on these profits. Along with the Billionaires Tax, it would raise hundreds of billions of dollars each year to invest in child care, paid leave, and home- and community-based services for people with disabilities and seniors; allow us to extend the Child Tax Credit permanently; and ensure that care workers are paid living wages and have a path to citizenship.
“It’s time to end the loopholes and dodges that allow ultra-wealthy corporations to pay less in taxes than mom-and-pop shops. It’s time to stop allowing billionaires to pay less in taxes than school bus drivers, nurses, office clerks, and food service workers. Raising revenues in this way will allow for a just recovery from the pandemic and help us create the care infrastructure that moms, families, businesses, and our economy need to thrive -- including paid family/medical leave, child care, home- and community-based services, and an extension of the Child Tax Credit expansion. America’s moms want Congress to make our tax code fair and invest in working families.”