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Child Defender,
The 12 wealthiest people in the United States have a combined fortune of more than $1,000,000,000,000.
During the first year of the COVID-19 pandemic, U.S. billionaires saw their collective wealth increase by more than $1.3 trillion to a total of $4 trillion. Meanwhile, 10.5 million children live in poverty and tens of millions of families with children have lost jobs over the last year.
This rampant economic inequality also contributes to a shameful racial wealth gap, which today is as wide as it was more than 50 years ago. Today's median Black family owns less than 13 percent of the median white family's wealth, and the 400 richest people in the U.S. hold more wealth than every Black household, plus a quarter of Latino households, combined.
As we approach Tax Day after a year that has been financially challenging for so many, it's important to understand that this inequality is not inevitable. Our country's rules, as set by lawmakers, favor the wealthy over everyone else--and our children are suffering the consequences.
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But policymakers can choose a new way forward. Congress has the power to overhaul the tax code, which is where our country's bias toward the wealthy is the most glaring. They can ensure that the wealthy pay their fair share immediately, and we can use the revenue to invest in our children, funding programs that can cut child poverty, advance racial equity, and boost economic security.
It's time for our country to invest in babies, not billionaires. Learn more about how Congress could fight inequality through the tax code and invest in children instead of billionaires.
Gratefully,
Zach Tilly
Policy Associate
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