For Immediate Release
Tuesday, January 16, 2024
Patriotic Millionaires Support CTC Expansion, Condemn Corporate Tax Cuts
“Congratulations to the members of Congress who have worked hard to extend and enhance the CTC… Shame on those who exploit political moments to shower their ultra-rich corporate donors with unnecessary tax breaks.”
Washington, DC – Today, Senate Finance Committee Chairman Ron Wyden and House Ways and Means Chairman Jason Smith announced a deal they hope to include in the upcoming Continuing Resolution that would expand the Child Tax Credit in exchange for three sought-after corporate tax cuts: research and development expensing, interest deductibility, and bonus depreciation.
In response, Erica Payne, Founder and President of the Patriotic Millionaires, released the following statement:
“Enhancing the Child Tax Credit (CTC) is an undeniable good in this new deal. During the height of the pandemic, despite significant economic strain for many, we saw significant reductions in child poverty by providing just a little bit of a cushion to working families. There’s no question that this credit should be enhanced if we care about lifting 9 million American children out of poverty.
At the same time, I’m disgusted by those who saw the obvious need to extend those benefits as an opportunity to extract tax cuts for corporations, who clearly didn’t need them as they pulled in record profits and artificially pumped up inflation. There was no need for horse trading on the CTC.
Congratulations to the members of Congress who have worked hard to extend and enhance the CTC; we hope to see it become law. Shame on those who exploit political moments to shower their ultra-rich corporate donors with unnecessary tax breaks.”
For additional information or interview requests, please contact Emily McCloskey at emily@patrioticmillionaires.
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