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VOTERS WANT TAX DAY TO LOOK DIFFERENT FOR BILLIONAIRES  
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Amy Matsui
April 15, 2024
Common Dreams
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_ New polling from the National Women’s Law Center and MomsRising
found that nearly 80% of respondents supported increasing investments
in the caregiving agenda by raising taxes on the wealthiest and big
corporations. _

Tax the rich Protesters are pictured spelling out #TaxTheRich at
Times Square on March 4, 2021. , Erik McGregor/LightRocket via Getty
Images

 

Women and families shouldn’t have to struggle to meet caregiving
needs while billionaires buy their third yacht and mega corporations
see record profits. This Tax Day, while most of us are stressing about
filing our tax returns correctly, many billionaires will laugh all the
way to the bank as they pay a lower tax rate
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than their secretaries.

New polling from the National Women’s Law Center and MomsRising
shows us that respondents are sick of this status quo, and that they
overwhelmingly support raising taxes on the richest to invest in care
priorities.

For years, lawmakers on both sides of the aisle have insisted that if
we give tax cuts to those at the top, everyone will feel the benefits.
Fifty years of research
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has decidedly disproven this theory.

Imagine instead a tax system where the richest pay their fair share,
which allows us to invest in our shared priorities.

Tax giveaways for the wealthiest and biggest corporations don’t
create jobs or raise salaries
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instead, they help pad bonuses for top executives
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and boost payouts for wealthy shareholders. And in some cases,
profitable companies can avoid paying
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federal taxes entirely.

Meanwhile, families are struggling to hold it together.

Childcare prices h+ave continued to surge as childcare programs
grapple with waning resources after the expiration of federal
childcare funding
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in September.

Women, and predominantly women in low-paid work,
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are forced to choose between caring for a loved one or keeping their
job.

And a lack of robust public investment has decimated our ability to
provide good quality home and community-based care for aging and
disabled people.

Furthermore, the people who work in these care roles and who are—you
guessed it—predominantly women, are driven into poverty
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or out of the workforce
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by unsustainable wages and poor working conditions.

Yet, instead of collecting more tax revenue from those at the top so
that we can invest in our chronically underfunded care systems,
Republicans have decided to double down on the disastrous course of
more tax cuts for the wealthiest.

All of us will need to care for ourselves or a family member at some
point in our lives, and many of us provide care for a living. If the
wealthiest individuals and corporations simply paid their fair share
in taxes, there would be more than enough to invest in childcare, paid
leave, and aging and disability care, which would help our families
and our economy thrive.

President Joe Biden knows this. Just last month, he stood before
Congress and declared: “If you want to make—or can make—a
million or millions of bucks, that’s great. Just pay your fair share
in taxes.”

He proposed a minimum tax of 25% on billionaires, which would raise
$500 billion in 10 years, and called for investing that revenue in
paid leave, home care, and childcare.

It’s no surprise that line prompted thunderous applause. The
president knows that connecting taxes to the investments that would
make a difference in the lives of women and families is a winning
message. New polling from the National Women’s Law Center and
MomsRising found that nearly 80% of respondents were supportive of
increasing investments in the caregiving agenda by raising taxes on
the wealthiest and big corporations.

Women are disproportionately burdened by our lack of equitable
caregiving investments, and this polling reaffirms that focusing on
how taxes can support gender justice priorities could sway voters to
Biden’s side. For instance, two key voting demographics, Black women
and Gen Z women, consistently and strongly support the care agenda
that President Biden is pushing according to this poll.

In stark contrast, the Republican candidate, former President Donald
Trump, has been privately talking about cutting the corporate tax rate
even further
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similar to what he did in his 2017 Republican-passed tax bill, the Tax
Cuts and Jobs Act. This is not only a terrible idea for our country
and our economy, but also for his campaign.

The new survey results showed that two-thirds of voters across party
lines agreed that we need to get rid of the disastrous 2017 tax cuts
for the wealthiest, a sentiment that is consistent with poll after
poll
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over the past five years.

Since this bill was signed into law, billionaire wealth has increased
by more than $2 trillion (a 77% increase) at a time when the child
poverty rate
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has more than doubled. What’s more, since 2017, this tax law
exploded
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the national debt and decimated
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federal tax revenue.

Imagine instead a tax system where the richest pay their fair share,
which allows us to invest in our shared priorities. That’s the
future tax code that President Biden wants to create. And our polling
shows that voters overwhelmingly want to increase investments in the
care priorities that families need by raising taxes on the wealthiest.

Tax Day may be in April, but voters will be thinking about taxes until
November.

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Amy K. Matsui is director of income security and senior counsel at the
National Women’s Law Center Action Fund. She works on a broad range
of economic issues affecting low- and moderate-income women and
families, with special emphasis on federal and state tax policy. She
is a graduate of the University of California at Berkeley, and
Stanford Law School.

* Tax the Rich; US Tax Structure; Caregiving Investments;
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