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The $2.2 trillion CARES Act was supposed to offer much needed support to those suffering most from the pandemic. But hidden in the bill was an obscure $135 billion tax break for the richest one percent, slipped in by Mitch McConnell and Senate Republicans. It gives 43,000 millionaires an average $1.6 million tax break apiece in 2020. Yet everyone else only gets up to $1,200 in rebate checks.
Most of the hidden $135 billion will go to owners of real estate firms (like Donald Trump and Jared Kushner), hedge funds, and private equity.
Now that the House has introduced legislation to address this tax loophole, it’s critical that they successfully vote to repeal the $135 billion giveaway to the richest one percent and put that aid where the need is greatest ― protecting public health and communities who are on the frontlines of this pandemic.
With over 30 million Americans filing for unemployment in just the past six weeks and millions losing their health insurance benefits, this economic downturn will impact our families and communities for years to come. We need a response that is proportional to the size of the crisis.
That means putting additional aid toward proven economic drivers such as direct payments to families, enhanced SNAP food benefits, programs to defend against homelessness and poverty, and direct aid to Medicaid, states and communities.
At a time when families are struggling to put food on the table and a roof over their heads, it’s unconscionable that Mitch McConnell and Senate Republicans would hand $135 billion in tax giveaways to the richest one percent. We must urge Congress to repeal the millionaire tax loophole and listen to demands that tax resources be used for families and communities most in need during the coronavirus pandemic.