NETWORK Supports Fix for Corporate Tax Giveaway

Laura Peralta-Schulte
May 8, 2020

NETWORK has worked to make sure each piece of coronavirus legislation cares for those with the greatest need in our nation. Unfortunately, the final laws have had their flaws, and left people out. Now, one of those flaws could receive a much-needed fix as the result of legislation introduced by Congressman Lloyd Doggett (TX-35), Senator Sheldon Whitehouse (RI), and Senator Sherrod Brown (OH). NETWORK and other justice-seeking organizations support this bill, to repeal a Republican giveaway to millionaires included in the CARES Act. The provisions included in the CARES Act would reduce government revenue by $160 billion over ten years and overwhelmingly benefit the wealthiest taxpayers. These provisions must be repealed at a time when our nation’s economic outlook is so difficult, especially for those at the bottom of the economic ladder.

Senator Sherrod Brown noted NETWORK’s support on his website, sharing Sister Simone’s quote, “Rather than stewarding taxpayer resources to promote the common good during this historic pandemic, Senate Republican leaders snuck an outrageous tax break for 43,000 millionaires into the CARES Act. Hedge fund managers, real estate tycoons, and other millionaires will each receive a $1.6 million tax cut. This is a shocking misuse of scarce resources! This Republican give-away is what Pope Francis calls ‘an economy that kills.’ It takes resources from the common good and showers it on those who do not need it. This is wrong, and Congress must immediately repeal this giveaway and invest these precious funds into programs that sustain the health, safety, and well-being of our communities. Sen. Whitehouse’s bill will make this right.”

As we continue to lobby for the common good in light of the coronavirus pandemic, we support this legislation that would advance tax justice in our nation.

Read more about the legislation here.