Amidst the current political turmoil, you may have missed that the House of Representatives is working to pass a “budget reconciliation” bill by Memorial Day. A “budget reconciliation” provides specific details and changes to a previously approved comprehensive, outlined “budget resolution.” The House passed a budget resolution last month. The House “reconciliation” allows Congressional approval of a bill by bypassing or fast-tracking a “filibuster” (i.e. 60 vote majority support) in the Senate. Only a simple majority of 51 votes would be required for passage.
The Republican-led House is touting a "big, beautiful" reconciliation bill that massively rewards corporations and the wealthiest, while punishing low-income individuals and families, along with millions of others.
Tax-related provisions of the bill benefiting corporations and the insanely rich…
√ Extends and makes permanent the 2017 tax cuts would yield tax reductions for some people in every tax bracket, but two-thirds would go to the richest 20% taxpayers, and more than 25% to the richest 1%. Cost” $2.2 trillion.
√ Makes permanent the deduction for income individuals received from “pass through” businesses. Most of the benefits go to the richest 1%. Cost: $820 billion over the next decade
√ Increases the exemption of estate taxes to $15 million for rich individuals - meaning no taxes are paid until this amount is reached. The old amount only affected 8 people out of 10,000 who died leaving an estate. Cost: $212 billion over the next decade.
√ Reinstates corporate tax subsidies for "research expensing, bonus depreciation, and bigger deductions for interest payments." Cost: $427 billion over the next 5 years.
√ Makes permanent a tax break for U.S.-based corporations in which their foreign profits are taxed only half as much as their domestic profits. This and another corresponding deduction would cost $143 billion over the next decade.
Tax-related provisions of the bill harming millions of people…
√ Adds new restrictions on health insurance tax credits (which made health coverage more affordable). Savings: $219 billion over the next decade.
√ Terminates tax credits for electric vehicles, home energy efficiency improvements and green energy technology. Savings: $561 billion over the next decade
Spending provisions of the bill punishing low-income persons, states and communities…
√ Slashes $290 billion from the Supplemental Nutrition Assistance Program (SNAP), a program that supplies food to tens of millions of low income individuals. It will have a devastating impact on low income families, as well as to farmers and state budgets
√ Decimates Medicaid by $715 billion, leaving 8.6 million people uninsured according to the nonpartisan Congressional Budget Office. It also adds more draconian work requirement provisions, threatening the eligibility of an additional 10-14 million individuals.
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The cumulative effect of these proposals is a huge widening of what is already massive economic inequality in our country.
The root of that economic inequality is political inequality – the rich and corporations more effectively influencing public policy in their favor through lobbying and campaign contributions (more like investments) than the rest of us – especially those who are most economically vulnerable in our society.
One of the major roots of political inequality is the constitutional rights that the Supreme Court has granted to corporations and to the spending of money in elections. The We the People Amendment (HJR54) seeks to pull these rotten roots from our political ground.
This is an “all hands, fingers, voices and feet on deck” moment.
We need your help in three ways:
1. Call or email your Congressperson today. Demand that they vote NO on the “reconciliation” bill. Find your Representative HERE. Organize or join a scheduled action in your area protesting the reconciliation bill.
2. While at it, if contacting your Representative, ask them to co-sponsor HJR54 if they haven’t already done so. If they have, thank them.
3. Contribute to Move to Amend. Just as economic and political inequality are directly connected, so are economic and political independence.
We have relied and depended consciously and deliberately for over 15 years on grassroots support from individuals and support from small family foundations to fund our work – rather than from corporations, billionaires, major foundations, political parties or the government (which is especially at risk at the moment).
We need your help now to keep building for systemic change – that is proportionate in scale to the magnitude of the scale of the corporate and billionaire capture of the government. It’s the only way to avoid being influenced or threatened by funding cuts from those who want to keep the status quo.
Every dollar contributed will be matched until the end of the month. Why wait! Help us now with a contribution. Thank you!
In solidarity,
Cole, Shelly, George, Daniel, Kelsey, Jennie, Keyan, D'Yale, Michael, Katie, Alfonso, Jessica, Jason, Tara, Cat, Hanaan & Greg
Move to Amend
https://www.movetoamend.org/
