As a professor of sociology at Central Connecticut State University, I teach students about the impact of social inequality. As such, I’m often asking myself “How can we make our world fairer and more just? What systems can we implement to increase equality and decrease social disparities?”
For me, the answers to these questions start and end with tax policy.
Sociological research illustrates that progressive tax policies direct resources to our communities, allowing us to combat inequalities and improve people’s lives. Connecticut is no exception.
Right now, there is a movement gaining ground in our state to bring us toward a more equitable tax system. Embracing these calls for reform will benefit the welfare of all our communities for decades to come.
Reestablishing the child tax credit —and making it permanent and refundable— will put money back into the pockets of working families. Imposing a 5% surtax on capital gains for individuals earning $500,000 and joint filers earning above $1 million, while implementing worldwide combined reporting to capture offshore corporate taxes on profits, will also create new stable revenue streams.
Together, these two proposals alone could generate $1 billion for Connecticut residents. Our neighbors are broadly behind doing this, with 80% of Connecticut residents supporting raising taxes on the wealthy and wealthy corporations.
However, tax justice advocates face a motivated and organized opposition who remain committed to the tax policies outlined in the 2017 Tax Cuts and Jobs Act. Many of the provisions of that law expire this year, setting up a major tax fight in Washington, D.C. That fight will certainly impact Connecticut, which is not insulated from the impacts of federal tax policy. Renewing the legislation would increase taxes for our working and middle-class families, including our nurses, teachers, and mechanics, while giving tax breaks to the richest 1% of Connecticut residents.
Additional tax cuts for the wealthiest will further negatively impact our schools, educators and students. Connecticut college students are already struggling to get by amid rising tuition costs. A recent study showed 30% of students skip meals to save money and even more face food insecurity. At the same time, universities are losing COVID-era emergency funding, which may lead to layoffs, forced cuts to degree programs, and the loss of on-campus services.
We don’t need to renew a federal tax policy that will further curtail critical revenue our communities need. That is why we’re calling for action from those at the very top.
Our laws and policies matter. Taxes can make or break families. They ensure our people have what they need to thrive, can provide for their families, and have enough money in their pockets. Our legislators in Connecticut and Washington, D.C. need to prioritize policies that benefit working families and make the wealthy and corporations pay their fair share.
Our state needs to implement policies that will make a difference in the lives of each and every person in Connecticut.
When we put our neighbors first, we win. And when we use taxes to change our state for the better, we give revenue back to our communities to fund education, infrastructure, and emergency services.
What’s at stake if we don’t? Only the future of our state.
John O’Connor is a Sociology Professor at Central Connecticut State University and Secretary of CSU-AAUP.