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Dear Friend,
With unemployment numbers reaching levels we haven’t seen since the Great
Depression and lines for food banks wrapping around the block, it doesn’t
seem like it’s too much to ask that funding for COVID-19 relief be
targeted at those most in need, not the super wealthy.
But the GOP always has a way to sneak in tax cuts for their super wealthy
cronies and they did it again with the CARES Act! [1]
[ [link removed] ]***SIGN OUR LETTER NOW calling on Congress to repeal the
#MillionairesGiveaway and instead pass working family tax credits that
boost struggling families!
Here’s what’s going on: Congress passed the CARES Act back in late-March.
This $2 trillion COVID-19 aid package was meant to support struggling
families and provide needed assistance to small businesses and
cash-strapped states (and, for the most part, it did!). But somehow GOP
leaders were able to sneak in an obscure provision allowing wealthy owners
of certain businesses (like real estate firms and hedge funds) to receive
huge tax savings and refunds, allowing rich business owners to exploit
losses unrelated to the pandemic. The cost of this Millionaires Giveaway:
$135 billion! [2]
To be clear, this Millionaires Giveaway has NOTHING to do with COVID-19 or
helping our shattered economy recover from this pandemic and will continue
long after COVID-19 ends. It comes with no strings attached. Business
owners don’t have to promise to keep on workers or pay the money back like
airlines and other corporations getting bailouts. [3]
Despite millions of people out of work and our frontline workers still
without the tests, vaccine, and protective gear they need to continue
their heroic jobs, the Millionaires Giveaway benefits only 43,000
millionaires who on average will catch a $1.6 million windfall.
Outrageous! What could we do with $135 billion instead? We could pay for
N95 masks—one hundred each for every American!— plus 1 million
hospital-grade ventilators. [4]
[ [link removed] ]We need our elected leaders to support families living
paycheck-to-paycheck, not give no-strings-attached windfalls to the
already mega-rich!
***SIGN OUR LETTER NOW calling on Congress to repeal the
#MillionairesGiveaway and instead pass working family tax credits that
boost our families!
An effort is underway, led by U.S. Senator Whitehouse and U.S.
Representative Doggett, to repeal the #MillionairesGiveaway. And we have
good news! This important provision was included in the HEROES Act— just
passed in the House the other day! Even better, the HEROES Act also
includes a temporary increase for tax year 2020 (next year) in the Child
Tax Credit and Earned Income Tax Credit (EITC). This temporary expansion
is well-timed since most economists are predicting unemployment will still
be at double-digit levels next year. [5] We need more provisions like this
and less like the #MillionairesGiveaway in order to get our families and
economy through this pandemic and economic downturn.
[ [link removed] ]***Tell the Senate: Pass the HEROES Act and boost working families, not
wealthy millionaires!
The HEROES Act has a lot of COVID-19 relief provisions we think our
families need—both on the tax front but also for nutrition, paid family
leave and paid sick days, support for hospitals and states, hazard pay for
frontline workers, and more direct payments for struggling families,
including immigrant families. But negotiations in Congress are starting to
get tough. Not everyone is on the same page about the need another
COVID-19 relief package—Senate Republican Leader Mitch McConnell and his
allies have come straight out and said they don’t think we need another
coronavirus-related bill. [6] We need YOU to help change their minds and
let them know this is crucial to our families. After you [ [link removed] ]sign our
letter, forward this email to your friends and family and [ [link removed] ]post the
action link to Facebook so others can take action as well.
There’s a lot that needs to be done so our families and economy can
recover from this pandemic, but I think we all can agree that giving
millions of dollars away to the uber-wealthy is not one of the actions
Congress should be taking! Thank you for all your support and continuing
to speak out during this difficult time!
-Elyssa, Donna, Kristin and the entire MomsRising/ MamásConPoder team
P.S. Wondering how you can apply for SNAP (food stamps), as well as, other
nutrition assistance programs, Unemployment Insurance, and if you qualify
for the new paid sick days and paid family leave programs passed by
Congress? We’ve got your covered! [ [link removed] ]Check out the video of our webinar
and resource page.
P.P.S. Want to know more about the #MillionairesGiveaway and help spread
the word about the repeal? [ [link removed] ]Check out this short video on Twitter by
our partners at Americans for Tax Fairness.
[1, 2] [ [link removed] ]“How the CARES Act Became A Tax-Break Bonanza for the Rich,
Explained.” NPR, April 30, 2020.
[3] [ [link removed] ]“Rep. Rosa DeLauro: We must repeal Trump’s $135 billion hidden tax
giveaway for wealthy real state investors.” Fortune, May 3, 2020.
[4][ [link removed] ]“The corrupt tax provision in the CARES Act: Rep. Doggett and Sen.
Whitehouse.” USA Today, April 23, 2020.
[5] [ [link removed] ]“Greenstein: Pelosi Package Would Provide Essential Support for
Economy, Relief to Households.” CBPP, May 12,2020.
[6] [ [link removed] ]“GOP Senators give Democrats’ $3T HEROES Act coronavirus relief
bill a cold shoulder.” ABC 13 News, May 13, 2020.
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