Taxes & Tax Reform

The US tax structure has increasingly favored wealthy individuals and corporations, shifting the tax burden to middle and lower income individuals—disproportionately women. With funding cuts that further undermine women’s economic security, the importance of tax and budgetary reforms is critical for women’s economic well-being and advancement. The impact of fiscal policies on women and families needs wider public understanding accompanied by appropriate and effective policy responses.

TREASURY SECRETARY FORUM--Ms. Foundation President Sara Gould Advises Geithner to Bail Out Responsibly

Posted November 24, 2008 by Linda Basch

Linda Basch: What three recommendations do you have for Timothy Geithner, our next Treasury Secretary?

Sara Gould: First, we must strongly urge that the next Secretary ensure that the $700 billion bailout and other actions designed to address the economic crisis prioritize getting relief to communities that need it most. It’s not enough to rely on support for large banks to trickle down to middle and low-income people who are disproportionately affected by the plummeting economy—particularly when the banks’ share of the bailout came with few regulations and the conditions it did come with are being defied (see Naomi Klein’s article in The Nation).  Instead, the next Treasury Secretary should require that financial institutions use the bailout money for lending to consumers—instead of to boost the value of its shares. In addition to accountability and comprehensive regulations that apply to bailed-out banks and beyond, s/he should insist upon transparency and reveal exactly where the money is going and how it is being used. It is especially critical that the bailout money be used to help people who are facing or already in foreclosure—the majority of whom are likely women and people of color, as they were most likely to receive sub-prime loans in the first place. One promising option is to support FDIC chairperson Sheila Bair’s proposal to use $25 billion of the bailout to provide mortgage relief to homeowners. Her proposal would offer incentives to loan servicers to restructure mortgages, making payments more affordable. Second, an economic stimulus should be passed quickly. It should include immediate relief such as the extension of unemployment benefits as well as programs like job creation and training that will ensure economic stability for low- and middle-income people over the long-term. Any economic stimulus package should be sure to address the urgent needs of those who have been most impacted by the crisis, especially low-income women, women of color and their families. Recent statistics show that women are losing jobs at twice the rate of men. Third, we must return to a system of progressive taxation in which people with high incomes and net worth provide a larger share of tax revenues. New revenue should go towards domestic stimulus programs such as job training and infrastructure rebuilding as well as for key social and economic supports that have been eroded over the last two decades.


<< Back to the Full Blog

Taxes Are STILL a Women's Issue

October 24, 2008 posted by Linda Basch

 


<< Back to the Full Blog

Welcome to The REAL DEAL Blog

Sept 29, 2008 posted by Linda Basch WELCOME! Welcome to The REAL DEAL, the National Council for Research on Women's new blog on issues that matter to women.  As I write this first post in the heat of election season and during a time of unprecedented financial turmoil, my thoughts go out to all who are feeling unnerved and confused.  I'm thinking of those who risk losing their jobs, or who are uncertain about their businesses and have rents to pay and families to support, and of those who don't quite know where to turn for help. This is a time when we hope for a leadership that can explain and clarify what's at stake, reassure us of a real commitment, and give us some clear steps for going forward.  And we at the Council are watching with an eagle's eye.


<< Back to the Full Blog

Syndicate content