While Congress Wraps a Large Present for Wealthy Corporations, Not Even a Lump of Coal for Struggling Families
While America prepared for the Thanksgiving holiday, the United States Congress planned to give a generous gift to America’s wealthiest corporations until a veto threat from President Obama temporarily derailed it. Under the terms of a proposed $444 billion agreement being considered, expanded eligibility for the Earned Income Tax Credit and the Child Tax Credit would end in 2017, even though it would push “16 million people in low-income working families, including 8 million children into — or deeper into — poverty.” Meanwhile, two-thirds of the package would make permanent tax provisions that are intended to help businesses. The costs of the package would increase the federal debt.
Fortunately, Treasury Secretary Jack Lew blasted the emerging agreement as “fiscally irresponsible” and doing “very little for working families.” He said, “Any deal on tax extenders must ensure that the economic benefits are broadly shared. We are committed to working with Congress to address the issue in a manner that is fiscally responsible and extends critical tax benefits for working families.” The Obama Administration formally threatened a veto.
While temporarily stalled, this deal could come back at any time. Your Representatives need to hear from you. Click here to contact them and tell them to vote “No” on any deal that gives tax breaks to corporations but not struggling families. Congress needs to focus more on the one-in-four American children living in poverty and less on the corporations making record profits.