How Much Should Taxpayers Spend to Help Millionaires Grow Their Wealth?
How much do you think the millionaires should get in public benefits to grow their wealth? If you answered less than $145,000…prepare to be disappointed. The Turn it Right-Side Up team is out with a new infographic using new data to illustrate just how much millionaires got from these upside-down tax programs compared to working families last year. Short version: this is how extraordinarily expensive and lopsided tax programs are actively growing wealth inequality every year. You're helping end that.
Good idea, unfair outcome. It's not that these tax programs have bad overall goals. These tax programs are aimed at increasing savings and investments, boosting homeownership and higher education and strengthening retirement security. These are great goals—goals that we as a society should be striving towards. The problem is the outcome: this tax spending is going to those at the top rather those struggling to build wealth. It's expanding inequality rather than opportunity.
Tens of thousands of dollars for millionaires, a few dozen bucks for working families. All told, the average tax benefit from these programs for a millionaire last year was nearly $150,000. That's $150,000 in federally funded, public benefits—no different from food stamps or housing vouchers, except who gets them.
Want to take action? Take a second to educate your friends and family by sharing this graphic on Twitter.
Fortunately, local advocates are pushing back against unfair tax programs. Just a few weeks ago we saw a great example of that. Nancy Brown with Nevada's Opportunity Alliance placed an op-ed in Reno's largest daily newspaper. In it, Nancy decries the impact of these unfair tax programs on wealth inequality and financial insecurity in Nevada, and she highlights ways Nevadans are fighting back to expand opportunity for all.
Inspired by Nancy? Contact us if you'd like to write your own op-ed for your local paper.
We're going to win this together. Stay engaged, raise awareness and help expand opportunity for all Americans.
Want to find out more about how the tax system helps the wealthy get even wealthier — and what you can do about it? Join the Turn It Right-Side Up campaign for updates and action alerts!