Recovery depends on wealthy companies paying their fair share | News, Sports, Jobs

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Well, we are certainly having an unpredictable summer.

From horrific storm surges to horrific variations of surges, we still fight a lot as a state.

But Michigan’s communities are strong, and we have many allies across the country working to build strong recovery efforts.

Last week, the US Senate passed a $ 1,000 billion bipartisan infrastructure bill and budget resolution calling for additional spending of $ 3.5 trillion to improve lives and create a stronger and bigger economy. correct.

As the US House prepares to pass these plans, and policymakers on both sides of Capitol Hill prepare to craft legislation based on the budget resolution, now is the time to act.

For too long, Michigan families have been held back by racial and economic inequalities. Even before the COVID-19 pandemic, more than a quarter of households in America – including more than a third of households with children and half of black and Latin households with children – were struggling economically.

But, in 2020, 55 of America’s largest corporations paid nothing in federal income taxes, and the nation’s top billionaires saw their fortunes grow by leaps and bounds, even as millions of Americans experienced difficulties during the pandemic.

Michigan ranks 15th in the country for income inequality: the richest 1% earn more than 21 times more than the poorest 99% of working people.

Yet the bottom 20% of state incomes pay nearly double the total state and local tax rate as the top 1% of incomes (10.4% and 6.2 % of income, respectively).

This income inequality is also felt in all counties of the state.

According to 2015 data from the National Institute of Economic Policy, in Alcona, Montmorency and Presque Isle counties, the average income of the richest 1% is about 11 times the income of the remaining 99%.

The numbers are even more striking in Alpena County, where the richest 1% of working people earn an average of $ 517,333 – over half a million dollars – 17.6 times what the remaining 99% earn county workers (an average of $ 29,382).

Instead of widening this wealth gap and pursuing tax breaks for wealthy Americans and companies whose profits have skyrocketed, including during the pandemic, Congress can deliver what all of our families deserve:

∫ Affordable and accessible health care;

∫ Housing, child care and nutrition vouchers to help families meet their needs;

∫ Put money back in people’s pockets through the permanent expansion of the federal child tax credit and the earned income tax credit;

∫ Subsidized jobs to help people facing barriers in the labor market to gain work experience;

∫ A modernized, strengthened unemployment system that works for all.

Last week marked an important step towards adopting the transformative policies our country needs to improve lives, create a stronger and fairer economy, advance racial equity and ensure that all can share in the prosperity of Canada. our nation.

The plan would also tackle our lopsided tax code to pay for the investments needed to create that brighter future, especially asking businesses and households with incomes over $ 400,000 to pay their fair share of taxes.

As the summer draws to a close, it will take all of us to help keep Michigan on the path to recovery.

Let’s hide and relax, if we can.

And now is the time to speak up and have your voice heard as our elected federal officials begin to draft recovery legislation.

We need to make sure our elected officials know that we want our government to support families and invest in communities – and that we want big business and the wealthy to start paying their fair share.

Gilda Z. Jacobs is President and CEO of the Michigan League for Public Policy.

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