Yesterday, Groundwork Collaborative Senior Fellow Kitty Richards testified before the Senate Banking Subcommittee on Economic Policy at a hearing titled, “The Macroeconomic Impacts of Potential Tax Reform in 2025.” She told Congress:
“Congress should restore the corporate tax to a major source of progressive revenue for the U.S. government, and ensure that it functions as a brake on corporate power and profiteering, not an accelerant.”
In her testimony, Richards explained how tax cuts for the wealthy and corporations have starved the federal government of revenue and contributed to our failure to make critical investments in everyday Americans that would also grow the economy. These are investments in care, paid leave, education, and investments that build a strong current and future workforce. She stressed that reversing these giveaways in 2025 would have positive economic impacts and reduce inequality. You can read Richards’ written testimony as submitted for the record here.
Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about the upcoming 2025 tax debate.
QUOTES FROM THE HEARING
“We need revenue to support a 21st-century government that can restore a strong, secure middle class, build our clean energy future, and ensure that every American can participate in the economy and reach their full potential.”
“Congress must reform the way that income from wealth is taxed. Taxing wealth like work is more than a fairness issue, it is absolutely crucial to ensuring that the richest taxpayers pay any tax at all, let alone their fair share, and to rebalancing power in the economy.”
“Congress should restore the top tax rates on high incomes, and address the many special tax giveaways that provide outsized benefits to the richest taxpayers, including some introduced in TCJA, like the Section 199A deduction.”