Tax Code Should Help Families Achieve Economic Security and Mobility

U.S. Tax Code Widens the Racial Wealth Divide

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.

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.

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.

Spending on our collective well-being helps people keep a roof over their heads, feed their families, and help grow our overall economy.

“In order to build an America where a multi-racial majority can thrive, we must abolish the debt ceiling.”

This case study highlights how New Economy Project and the Public Bank NYC coalition are pressing for the creation of a public bank for New York City, as part of a broader vision for economic and racial justice.

Congress still has an opportunity to craft another legislative package and resuscitate crucial elements of the Build Back Better package.