In a fair tax system, everyone pays their fair share, no one pays more than they can afford, and the government raises enough money to fund public goods that benefit us all, like education, housing, transportation, and health care. But the current tax code is inequitable.
Washington, DC — Today in the United States, the credit card market is measured on a scale of billions. The amount of debt owed on credit cards in 2005 was $800 billion; $30 billion is how much lenders profit each year. Under the guise of "democratization" the federal government has deregulated the industry over the past 30 years, eliminating caps on interest rates and penalties. Those who can least afford it are paying the price.
Today, congressional Republicans are pushing tax reform proposals that would cost the country over $5 trillion and would likely widen the racial wealth gap and slow economic growth.
Lowering the corporate tax rate will cost the country at least $522 billion over 10 years, money that should be invested in public goods that benefit us all, not further enriching the already wealthy.
Our Taxes Explained series aims to make tax policy clear and accessible. We want people to know what’s at stake and understand how Trump’s tax cuts are designed specifically to benefit the ultra-rich and corporations.
How stark racial disparities have long pervaded our financial services system, fueling and entrenching inequality, and why public banks are a transformative, equitable alternative.
Behind the GOP's populist facade lies a tax plan that would benefit corporations and wealthy households while cutting programs like Medicaid and SNAP. Read more to learn how their tax plan could actually impact working people.
While the longest shutdown in U.S. history leaves millions of Americans with missed paychecks and mounting bills, this piece explores why we must build wealth for all, especially for communities that have been historically kept from economic opportunity.
While the government shutdown left us without recent economic data, the rising Black unemployment rate reveals essential truths about the state of our economy.
Despite living in one of the world’s wealthiest nations, millions of Americans remain financially vulnerable, with stark racial disparities in who has enough emergency savings to weather even a brief crisis.
A strong economy cannot be measured by stock market performance; it must be assessed by everyday people’s ability to meet their basic needs and achieve economic security.
New York, NY — As health care costs continue to rise faster than incomes, families are turning to credit cards to pay for medical care, according to new research by Demos and the Access Project. The public policy groups published the findings today in a report entitled "Borrowing to Stay Healthy: How Credit Card Debt Is Related to Medical Expenses."
The unemployment rate for Latina women reminds us that access to work alone is not enough. An economy that works for all requires not just jobs, but jobs that provide security, safety, and real opportunity.
Public goods exist because we invest in them together, and when they are implemented properly, they expand freedom, dignity, and opportunity for all of us. That is how paying taxes becomes an act of care for our community.
A stronger economy starts with a stronger care system. Treating care as public infrastructure would benefit care recipients, care workers, and caregivers alike, while strengthening the economy for all of us.
New York, NY — Homeowners have been tapping into their home equity to get the cash needed to pay down credit card debt incurred not for luxury expenses, but for basic needs. This strategy leaves them on precarious financial footing after two years of interest rate hikes and the largest drop in home prices in 35 years, according to House of Cards 2006 Update: Still Refinancing The American Dream, a report published today by Demos, a non-partisan public policy organization based in New York.
What would a truly equitable tax code look like? Dēmos breaks down the congressional proposals that could shift resources away from billionaires and toward everyday people.
