Prioritize working families, not wealthy tax giveaways

There will be immense economic pain for working families if low tax rates for the wealthy and corporations are extended. The expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) overwhelmingly benefited the rich, yet continuing these cuts would increase the already substantial fiscal gap by nearly 50%. No matter how these tax cuts are financed, whether through higher deficits, regressive taxes like tariffs, or spending cuts, the result will severely undermine economic security and opportunities for low- and middle-income Americans. Deficit financing could slow economic growth by crowding out private investment as interest rates rise. Regressive tax hikes would directly shift the burden onto those least able to afford it. But most damaging would be the spending cuts required, which would decimate vital programs like SNAP and Medicaid that provide critical support and invest in the future productivity of our workforce. Cutting $400 billion in annual spending could reduce GDP by 2%, likely forcing the Federal Reserve to exhaust all tools to avert recession. For the sake of hard-working American families, I urge prioritizing policies that boost income equality and economic mobility over tax giveaways to the wealthy that have repeatedly proven ineffective at spurring sustainable, broad-based growth. We cannot sacrifice the well-being and futures of millions for the benefit of a few at the top. Fiscal responsibility should mean investing in working families, not protecting the privileges of the rich and corporations.