Faithful Tax Policy Action Guide Urges Lawmakers to Consider Tax Revenues in Deficit Reduction Efforts
Bread for the World now features a new Faithful Tax Policy action guide . The resource combines Bread’s specific public policy recommendations with underlying biblical principles.
“Jesus says in Luke 12:48, ‘From everyone to whom much has been given, much will be required,’” said Rev. David Beckmann, president of Bread for the World. “Deficit reduction is essential, but lawmakers must mitigate the impact on hungry and poor people by taking a balanced approach which includes deficit reduction and increasing revenues.”
According to the Citizens for Tax Justice, the United States is one of the least taxed countries in the developed world. Tax deductions, exemptions, and credits for wealthy individuals cost the government over $1 trillion per year. Yet many Americans agree that higher income households should pay a higher tax rate than low- and middle-income households.
The Joint Committee on Taxation reports that eliminating tax cuts for people making over $250,000 per year would generate nearly $830 billion over ten years. Bread for the World supports the expiration of the 2001 and 2003 tax cuts for high-income earners, and elimination of ineffective tax expenditures—including tax breaks for wealthy individuals and corporations. The organization supports the continuation of the current Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) benefit levels.
“It is possible to end hunger while also balancing our federal budget,” added Beckmann. “Given our nation’s current and projected economic condition, funding for anti-hunger and anti-poverty programs will continue to be threatened as long as tax revenues are not increased. Lawmakers must maintain a circle of protection around programs vital to hungry and poor people.”
Source: U.S. Bread for the World
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