It’s time for Congress to invest in babies, not billionaires
Over the past several decades, the United States has built a system that favors billionaires over babies and perpetuates economic inequality and racial disparities that harm America’s children.
Hover over each card to learn more about these disparities.
The combined wealth of U.S. billionaires increased by more than $1 trillion during the first year of the COVID-19 pandemic.
Meanwhile, an additional 2.5 million children have fallen into poverty since May 2020.
The 400 richest people in the U.S. hold more wealth than every Black household, plus a quarter of Latino households, combined.
Meanwhile, more than 1 in 4 Black children and 1 in 5 Hispanic children are poor.
Over the last 30 years, the top one percent has seen its wealth nearly triple.
Meanwhile, the bottom 50 percent has not experienced any growth in wealth.
But policymakers can choose a new way forward.
Congress has the power to overhaul the tax code to ensure that the wealthy pay their fair share immediately. In turn, we can use that revenue to invest in our children.
Hover over each card to learn a few of the ways Congress could fight inequality through the tax code and invest in children instead of billionaires.
By enacting a one percent wealth tax on the wealthiest 0.1 percent...
…we could permanently expand the Child Tax Credit (CTC) to provide a monthly allowance for every child in the U.S.
By taxing the profits from investments in stocks and bonds similar to income from working a job...
…we could guarantee access to high-quality, affordable child care from birth to when children enter school.
By taxing companies that pay their CEOs exorbitant salaries while paying their workers poverty wages...
…we could eliminate barriers for immigrant parents and children in SNAP, Medicaid, TANF, and many other programs.
Congress has built a tax code that works for millionaires and billionaires at everyone else’s expense—especially our children’s. But it does not have to be this way. Download our new brief to learn how we can make the tax code work for babies, not billionaires.
The Children’s Defense Fund fights tirelessly for policy changes that create economic security for families and reduce racial disparities that harm our children. Join the fight by making a donation today.
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