1. United States
2. Mich.
3. Letter

We must take responsible steps to address the rapidly growing federal debt, while also ensuring that tax policies do not disproportionately favor the wealthiest individuals and corporations. According to the nonpartisan Congressional Budget Office, extending the Trump tax cuts for the next decade would add a staggering $4.6 trillion to the deficit. This significant increase in debt is largely driven by providing substantial tax breaks to the top 5% of income earners and major corporations, rather than prioritizing relief for middle-class and working families. The Institute on Taxation and Economic Policy estimates that extending these tax cuts would create a $112.6 billion windfall for the top 5% of income earners in just the first year. Meanwhile, the bottom 80% of Americans would receive far less benefit. Such regressive tax policies exacerbate wealth inequality and undermine efforts to responsibly manage the national debt. Instead of doubling down on fiscally irresponsible policies that primarily enrich the wealthy and corporations, we should pursue a more balanced approach. This includes closing loopholes that allow offshore tax avoidance, cracking down on wealthy tax cheats, and ensuring that the ultra-wealthy and large corporations pay their fair share. By making the tax system more equitable and efficient, we can generate revenue to address the deficit while still providing targeted relief to those who truly need it.