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John,
When congressional Republicans let the expanded Child Tax Credit expire at the end of 2021, it plunged millions of children back into poverty―more than doubling the child-poverty rate from 5.2% in 2021 to 12.4% in 2022.[1]
Republicans like to claim that we can’t afford investments in working families. But while they are seeking deep cuts to services for children and families, they’re also demanding three corporate tax breaks that will cost us a combined $600 billion in lost revenue over ten years. And they want to pass these corporate tax breaks by the end of this year!
We’re fighting back, urging Congress to renew the expanded Child Tax Credit and reject corporate tax breaks for billion-dollar corporations. Click here to add your name and fight for children and families.
In David’s email below, he explains the three corporate tax breaks that Wall Street fat cats are seeking and how a renewal or expansion of these tax breaks would benefit major corporations, severely undermining our ability to invest in working families.
We know that when the wealthy and corporations pay their fair share in taxes, we can afford critical investments in working people―including expanding the Child Tax Credit and ensuring it reaches the lowest-income families.
Thank you for taking action today,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “Income, Poverty and Health Insurance Coverage in the United States: 2022,”United States Census Bureau, Sept. 12, 2023
-- David's email --
John,
Congress should put children over corporations. But that’s not what we’re seeing in the Republican-led House of Representatives.
Even as billion-dollar corporations continue to price gouge the American people in order to pad their profits for wealthy investors, Republicans are preparing to pass a list of corporate tax cuts that undermine our ability to invest in working people. They say we can’t afford investments in children and families, but they’re more than happy to shower their wealthy campaign contributors with outrageous tax breaks.
At the end of 2021, Republicans allowed the expanded Child Tax Credit to expire―a tax credit that had lifted nearly 4 million children out of poverty. After it was allowed to expire, child poverty spiked from 5.2% in 2021 to 12.4% in 2022.[1]
Sign now to demand Congress renew the expanded Child Tax Credit this year, not renew and expand corporate tax breaks for billion-dollar corporations.
Instead of investing in children and families, House Republicans―at the urging of their Wall Street benefactors―are pushing to enact three major corporate tax loopholes before the end of this year:
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Changing the Research & Experimentation tax deduction to allow corporations to write off research expenses all at once instead of more realistically over time. Cost = $155 billion over 10 years
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Extending 100% Bonus Depreciation, which would allow corporations to write off immediately the full cost of assets that hold their value a long time. Cost = $250 billion over 10 years
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Expanding the Net Interest Deduction tax break to allow corporations to deduct a bigger share of their interest costs from borrowing money by changing how the deduction is calculated. Cost = $200 billion over 10 years
With Bonus Depreciation alone, 25 major corporations including Google, Facebook, Intel, UPS, Target, and PepsiCo have saved nearly $67 billion in taxes since 2018. That’s money that should be used to lower costs for working families, not pad the pockets of wealthy investors.
Add your name now and demand Congress renew the expanded Child Tax Credit, not pass even more tax breaks for billion-dollar corporations.
Together, we’re fighting for a tax system that invests in working families instead of further enriching the wealthiest 1%.
Thank you for taking action today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “Income, Poverty and Health Insurance Coverage in the United States: 2022,”United States Census Bureau, Sept. 12, 2023
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