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Tax March: Bipartisan Deal Without Reconciliation is “Woefully Inadequate”

July 28, 2021
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Tax March: Bipartisan Deal Without Reconciliation is “Woefully Inadequate”

— Tax March responded tonight to the Senate voting to take up a bipartisan infrastructure framework set to invest $1 trillion in jobs and infrastructure, including more than $550 billion in new spending. The deal makes multibillion dollar investments in the most basic infrastructure, but leaves popular and critical changes untouched, such as increased taxes on big corporations and the rich, and stepped-up IRS enforcement against wealthy tax cheats.
This initial deal, without further investments, neglects massive sections of our economy. Those improvements must be included in the Democrats’ reconciliation bill.

Maura Quint, Executive Director of Tax March commented:
“The bipartisan infrastructure bill is a welcome step, but it underscores how much remains undone. Democrats must finish the job through reconciliation, otherwise the result will prove woefully inadequate. Democrats have outlined $3.5 trillion for that bill, which matches President Biden’s framework and at a minimum must be passed at that level. Just as important, Democrats must use this opportunity to fulfill their promise to voters and rebalance the tax code: tax the rich by boosting the corporate and capital gains tax rates, and extend the massively popular child tax credit for American families.
“Time and again, Republicans show they cannot be relied on to support policies that will truly serve middle and working class Americans. They have fought tooth and nail to preserve the massive tax cut they passed for their billionaire donors and corporations, and insisted on cutting back investments in families, jobs and infrastructure. That’s not what Americans voted for. Reconciliation must follow through: unrig the tax code, stop wealthy tax cheats and invest in American families, care infrastructure, and the clean energy jobs of the future.”
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