Tell the Senate: Repeal CARES Act Tax Break for Millionaires, Redirect to State and Local Governments

From the Economic Policy Institute (http://www.epi.org/):

When our economic security is crumbling, the last thing we need is a $135 billion tax break for millionaires.

But hidden deep in the $2.2 trillion CARES Act was an obscure $135 billion tax break for the richest 1% in our country. This measure was slipped in by Senate Republicans to benefit millionaire business owners. This tax giveaway will hand 43,000 millionaires an average $1.6 million tax break!

Add your name at https://actionnetwork.org/petitions/become-a-co-signer-of-hr-6579-s-3640-to-repeal-135-billion-in-tax-breaks-for-the-richest-1! Join the EPI Policy Center and our allies to become a grassroot co-signer of legislation to repeal the $135 billion tax cut for millionaires that was tucked into the $2.2 trillion CARES Act.

EPI’s Josh Bivens just published a report that details how the United States is guaranteed to face “a prolonged depression” without significant federal aid to state and local governments.

So, instead of throwing away $135 billon on tax cuts for millionaires, let’s dedicate that money where it could actually do some good. Let’s make sure our local and state governments receive critically needed funds to maintain essential services and prevent budget cuts and job losses.

EPI’s Josh Bivens writes:

“State and local governments are currently forecast to be facing revenue shortfalls as large as $1 trillion over the coming years. If no help is forthcoming from the federal government to close these shortfalls, the result will be an economic disaster—one that is not confined to these governments. Besides the obvious loss of valuable public services, cuts of this size would quickly ripple out from the public sector and destroy private-sector jobs.”

Let’s solve this problem.

The House of Representatives included the repeal of this outrageous tax loophole in the HEROES Act, which is now being considered by the Senate. This crucial legislation would direct more than $1 trillion over the next two years to state and local government services.

Add your name! Demand the Senate eliminate the $135 billion tax giveaway for millionaires and direct those funds to state and local government services.

Rep. Lloyd Doggett and Sen. Sheldon Whitehouse introduced legislation that would unwind this tax scam. So far, 23 senators have signed on as co-sponsors.

Let’s unite our voices and make sure the Senate knows they must act!

Demand the Senate help our local and state governments, not give millionaires billions in tax cuts they don’t need.