Charles Rangel on Welfare & Poverty Dem./Lib./Working-Families

Increase the earned income tax credit.

Provisions Relating to Earned Income Credit: Amends the Internal Revenue Code to repeal the supplemental young child credit and revise and increase the earned income credit.

Reduce the concentration of wealth & wage inequality.

Economic inequality is the result of two and a half decades of government policies and rules governing the economy being tilted in favor of large asset owners at the expense of wage earners. Tax policy, trade policy, monetary policy, government regulations and other rules have reflected this pro-investor bias. We propose the introduction or reintroduction of a package of legislative initiatives that will close America’s economic divide and address both income and wealth disparities.

The Progressive Caucus could take the lead in the formation of a national leadership steering committee to put this dramatic issue before the public through coordinated media campaigns and local education and action forums. The political program should be concerned with:
• Reducing wage inequality: We are proposing initiatives to both raise the minimum wage floor and prevent the tax code from subsidizing excessive compensation.
• Asset-building initiatives: The government has historically given land to citizens. Unfortunately, the programs were discriminatory toward people of color and kept a whole generation of people off the asset-building train. We are proposing a universal asset building approach that will dramatically reduce the number of “asset less” households and reduce the disparity of wealth for all Americans.
• Addressing the over concentration of wealth and power: The concentration of wealth is a problem because it distorts our democracy, destabilizes the economy and erodes our at our social and cultural fabric. Too much concentrated wealth leads to too much concentrated power and begins to undermine our participatory democracy.