In reaction to the House Ways and Means Committee’s plan for funding the reconciliation bill, Gina Cummings, Vice President of Alliances Advocacy and Policy for Oxfam America, made the following statement:
“Congress must not let down the American people who strongly support taxing the rich and big corporations to pay for President Biden’s Build Back Better plan. It is time to show that the will of the people matters more than the lobbying might of big multinational corporations that are fighting tax increases. These tax increases are critical to helping hard working families in this country by paying for badly needed investments in our country’s recovery.”
“One important source of revenue is to close corporate tax loopholes and stop tax haven abuse. International negotiations are ongoing to ensure that corporations pay a minimum amount of tax in every country where they operate. Congress should let the President lead these negotiations by fully backing his plan to reform how US multinational corporations are taxed. Poll after poll show that ending multinationals’ tax haven abuse and jobs offshoring is strongly supported.”
Congress must also hold the line on ending fossil fuel subsidies, including both $35 billion in subsidies for domestic production – some of which have endured for 100 years – and $85 billion in new foreign oil & gas tax breaks added as last-minute giveaways in the Trump tax scheme of 2017. We are disappointed that the Committee has failed to incorporate President Biden’s entire plan to repeal fossil fuel subsidies, despite Senate backing, and particularly omitted any repeal of domestic fossil fuel subsidies. Ending these subsidies is critical to addressing the climate crisis and fighting back against the corporate greed of the oil and gas sector.
“While many Americans are hurting during the pandemic, billionaire wealth is booming. It is also shocking that Congress is not taking up the President’s plan to prevent billionaires from transferring their fortunes to their heirs tax-free.
“We commend Congress for making commitments to paid leave, child care funding, labor protections, and vaccine funding-- the kind of commitments that will be revolutionary for women, children, people of color and working families. But we will never achieve a fair and equitable recovery from COVID-19 if we continue to have a system where corporations and the wealthy get richer while everyone else is left behind.