Living on the Eastern Shore, we often feel isolated and insulated from the politics of Washington, D.C., but the fact is that it affects us, our families, our friends, and our neighbors all day every day. Our families and future generations will be greatly impacted by the decisions made today.
Recently 37 state groups signed a letter in support of President Biden’s Tax Plan. Virginia Organizing was one of those organizations!
President Biden’s “Build Back Better” plan provides Congress with a historic opportunity to move toward an economy that works for all of us, not just the wealthy and corporations.
For example, did you realize that while the average American family was struggling to find toilet paper during the height of the pandemic, the wealthiest 1% got $4 trillion richer during 2020? And did you know that our nation’s 650 billionaires saw their collective fortunes increase by 55% or $1.6 trillion during the first 13 months of the pandemic?
A government survey of 1,500 U.S.-based multinational firms found that for 2018, they paid an average U.S. tax rate of just 7.8% — far below the median 14% tax rate paid by all households.
Raising the corporate tax rate to 28% would raise nearly $900 billion, and if a minimum corporate tax rate of 15% is established, this would raise another $150 billion.
So, why is this important? The funds raised by the super wealthy and large corporations paying their fair share in taxes would provide funds to increase investments in rebuilding our roads, bridges and other infrastructure; expand the use of clean energy; strengthen American manufacturing and small business; make healthcare premiums and housing more affordable; increase investment in public education, childcare, and home and community based supports for the elderly and people with disabilities; guarantee workers up to 12 weeks of annual paid family and medical leave and help rebuild the middle class.
I support tax fairness!