Reich writes: "A new study confirms tax cuts for the rich do not benefit the rest. Recovery from the pandemic is a chance to change course."
Robert Reich. (photo: Getty)
24 December 20
idden in the bill combining Covid relief and government spending is a cool $200 billion in tax breaks. An estimated $120 billion of those tax breaks will go to the richest 1 percent of Americans.
Those giveaways include:
�A $2.5 billion break for racecar tracks
�A $6.3 billion write-off for business meals, i.e. the �three-martini lunch� deduction
�A new provision under the Paycheck Protection Program that allows forgiven loans to also be tax deductible, giving businesses the ability to �double dip� into the program
The bill also creates an independent commission to oversee horse racing, at the behest of Mitch McConnell.
There�s no question about it: This pandemic has both revealed and exacerbated our already staggering economic inequality.
Republicans didn�t blink twice when they handed out $6.3 billion in tax breaks to their wealthy corporate backers, but when it came to getting direct relief to struggling Americans $600 was the best they could do. Their priorities couldn�t be clearer.
