Economic Security Project Action Applauds 58 MOC’s for Demanding House and Senate Leadership Oppose Corporate Tax Breaks Without CTC
11. 17. 2022
Click to add an image!
Washington, DC – Earlier today, Representatives Pramila Jayapal (D-WA-07) and Jimmy Gomez (D-CA-34) published a letter that includes 58 Members of Congress urging House and Senate Leadership not to “extend corporate tax breaks unless and until we deliver additional relief for families […] extending the expanded monthly refundable Child Tax Credit (CTC) and expanded Earned Income Tax Credit (EITC) as soon as possible, and no later than the end of the year.”
The letter has been endorsed by over seventy economic and racial justice organizations, labor unions, and academic and research groups, and advocates fighting to restore the expanded, monthly Child Tax Credit, including Economic Security Project Action. Last month, 51 Representatives within the New Democrat Coalition also sent a letter to Congressional leadership, encouraging them to “prioritize the enhanced [Child Tax Credit] in any end-of-year package.” Together, signatories to these two letters constitute nearly half of the Democratic Caucus, with the significant voting bloc on today’s letter now refusing to support any corporate tax breaks unless Congress restores the Child Tax Credit before year-end.
Below is a statement from Adam Ruben, Director of Economic Security Project Action.
“We at Economic Security Project Action applaud Representatives Jayapal, Gomez and all signatories of this letter for prioritizing the interests of working families over corporations. These Members of Congress have taken a profound stance in demanding that they will oppose an end-of-year tax package that extends tax breaks for corporations unless it includes provisions to support families through the Child Tax Credit and Earned Income Tax Credit. The letter comes on the heels of a heated midterm election where the economy served as a core concern for many Americans. If the Democratic party hopes to maintain their governing majority in the years to come, they must heed voters’ message by helping working families with rising costs.
Coupled with the recent letter from the New Democrat Coalition, nearly half of the Democratic Caucus in the House of Representatives have expressed their support for restoring the expanded, monthly Child Tax Credit before year-end, with a significant voting bloc refusing in this letter to support the passage of any corporate tax breaks unless there is relief for families, too. People across the country are facing the highest levels of inflation in forty years, resulting in record-breaking cost increases for basic needs like food, rent, and fuel. Despite this harsh economic environment, corporations are seeing record breaking profit margins that we haven’t seen since 1950. Unfortunately, Congress has spent more time debating giving billions in taxpayer money directly to corporations and businesses instead of investing in families by reinstating the expanded, monthly Child Tax Credit. The signers of this letter are demonstrating that they are more in line with the interests of working families than corporate CEOs.”
For more information about the Economic Security Project Action, visit: https://economicsecurity.us