| Friend, From Mark Zuckerberg to Sean Parker and Peter Thiel, California is home to the most billionaires in the nation.(1) And today, Tax Day, while you and I will be checking to ensure we filed our taxes correctly, chances are they won’t be paying a dime in income tax, thanks to a series of tax loopholes exploited by the outrageously wealthy. Absurd, right?! So on this Tax Day, we’re joining with more than a dozen other organizations to send our loudest message yet calling on Congress to side with working people and pass critical tax reform that will force the mega-rich and giant corporations to finally pay their fair share.
Federal taxes fund our critical infrastructure -- like highways and hospitals. In fact, federal funding makes up one-third of California’s state budget.(2) Everyday Californians contribute $1 of every $8 in federal taxes paid in the US.(3) Meanwhile, billionaires and their corporate cronies in our state have turned tax dodging into an art, by pushing sympathetic federal legislators to create a series of loopholes that allow them to pay next to nothing in taxes while continuing to benefit from the things our taxes fund. For example, under the current tax code, you and I pay income taxes on our paychecks. However, the ultra-wealthy, who generally make their money from wealth gains and loans taken out against stock market investments, don’t have to pay a cent until they sell the stock. And if they pass the gains along to their children, the income simply disappears in the eyes of the tax code. Similarly, corporations that have raked in record profits over the past five years have paid, on average, 14% in taxes -- far below the 21% required by law and less than the average family pays.(4) What’s even more outrageous is that 23 of the largest high-earning corporations paid no taxes at all last year -- some even get returns from the government!(5) So instead of Medicare for All or universal pre-K or other sorely-needed programs, our nation sees our wealth gap grow larger and larger. Wealth inequality in America continues to skyrocket, with the 1% holding $44 trillion in wealth.(6) At the same time, corporate bottom lines have boomed over the past five years, with the largest corporations seeing their profits rise by 63%.(7) No one needs this kind of money, and yet Trump and the Republicans are already proposing another tax cut for the rich. If they win in 2024, their cuts would cost taxpayers $4.2 trillion over ten years.(8) And the biggest beneficiaries of this tax cut? You guessed it: The 1%.(9) Yours in the fight for equity, –Irene, Annie, Angela, Isidra, Mario, Marvin, Alyssa, Jen, and Lindsay (the Courage team)
Footnote:  |
||||