Congress Keeps Spending More to Make Wealth Inequality Worse
Last month, we illustrated just how much millionaires get from unfair, upside down tax programs. The answer was simple: a boatload. More than $10,000 in tax benefits per year for every millionaire tax filer!
This unequal distribution didn't happen by accident; it's the direct result of unfair federal policies that leave millions of working families behind. Today, we're taking a closer look at just how much Congress is spending on these programs. The answer, again, is simple: a boatload. More than $660 billion just last year.
In one year, the federal cost of these unfair tax programs increased $40 billion. That's roughly the entire annual budget of the Department of Housing and Urban Development! That's enough to wipe out the credit card debt of about 2.5 million Americans. That's enough to add about $1,500 to the tax refunds of every single EITC recipient in the country.
And that $40 billion is only the increase from the previous year. Just try to wrap your head around the total $660 billion. $660 billion could have paid for a Chipotle burrito every day for every single American for nearly the entire year. If you think that sounds unhealthy, just think about the impact of spending those billions to actively make wealth inequality worse. You just might opt for the burritos.
This spending is growing. During an age of supposed budget austerity and proposed massive cuts for essential programs that help lower-income Americans get ahead, one thing has remained constant: Congress is spending more and more on unfair tax programs to expand wealth inequality.
That upward trajectory is scheduled to continue for the foreseeable future. This means more and more resources devoted to helping those at the top buy houses, build retirement nest eggs, pay for college and put away savings. It means less and less available to ensure all Americans can get ahead. This is upside down.
This is simple. It's about fairness. It's about making sure all Americans have a shot at economic security. It's about fighting inequality and expanding opportunity.
So what are you going to do about it? One of the main problems we face is that people just don't know what's at stake here. Here's one easy thing you can do to change that: help spread the message. Click here to share the simple graphic on Facebook. Click here to share it on Twitter. Forward this email to your family and friends.
Building awareness is the first step towards affecting real change in this campaign. Keep engaged and together we will turn these upside down tax programs right-side up.