Translating President Biden’s plan to build back better into action includes paying for it—and that means requiring corporations and the wealthiest to pay their fair share. While the pandemic raged last year, 55 of the nation’s largest corporations paid no federal income tax on $40.5 billion in profits. America’s wealthiest 1 percent got $4 trillion richer, capturing 35 percent of the extra wealth while the poorest half of the population received only 4 percent.
Now is the time to say, not anymore! We can turn the corner on the economic upheaval spawned by the COVID-19 pandemic—record unemployment and a dramatic rise in food and housing insecurity—while at the same time taking actions to help create good-paying jobs, rebuild communities, reduce our society’s persistent wealth gaps, and bring about greater tax fairness.
To ensure sufficient revenue to make long-overdue investments in our communities and bring more integrity to our federal tax system, NEA is urging Congress to take specific steps as part of the budget reconciliation package. They include raising the corporate tax rate to at least 28 percent, curbing offshore corporate tax dodging, and establishing a 15 percent minimum corporate tax on profits. We also support restoring the 39.6 percent top individual tax rate, taxing wealth like work, closing loopholes that allow wealthy business owners to avoid paying taxes that fund health care, and cracking down on tax evasion.
Email your senators and representative and urge them to require corporations and the top 1 percent to pay their fair share.