Groundwork Collaborative

@groundwork.bsky.social

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Building an economy that works for all of us. #WeAreTheEconomy

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From all of us at Groundwork, happy #IndependenceDay! Today, we reflect on the values upon which our nation was founded and recommit to building an America with true prosperity and opportunity for all.

This week, @rooseveltinstitute.bsky.social released a report examining how the 2017 GOP tax law deepened America's racial wealth and income disparities, building on the harm to Black taxpayers in the 1986 Tax Code. Read the full report:

When Tax Policy Discriminates: The TCJA’s Impact on Black Taxpayers - Roosevelt Instituterooseveltinstitute.org In a new Roosevelt Institute analysis author Beverly Moran examines how the Tax Cuts and Jobs Act (TCJA) of 2017 transformed the Internal Revenue Code and impacted black Americans.

Emancipation marked the beginning, not the end, of our nation's work to deliver on the promise of equality. On Juneteenth, we not only celebrate freedom, but recommit to the task of building an economy that brings about true opportunity and prosperity for all Americans.

NEW: @rooseveltinstitute.bsky.social just released a report examining how the 2017 GOP tax law deepened America's racial wealth and income disparities, building on the harm to Black taxpayers in the 1986 Tax Code. Read the full report:

NEW: Our June special issue of The American Prospect concludes with @bilalb.bsky.social's "Taming the Pricing Beast," in which he delves into potential remedies lawmakers can pursue to rein in the predatory pricing strategies running rampant in our economy. Read more:

Taming the Pricing Beastprospect.org The government has a variety of strategies to protect the public from price-gouging and information advantages over the consumer.

"Two patients in adjoining beds can receive identical treatments, and one is more profitable to the hospital." In the latest installment of our June special issue with The American Prospect, Robert Kuttner sheds a bright light on exploitative hospital pricing:

Fantasyland Generalprospect.org Hospital pricing is impenetrable to consumers and regulators alike. The result: increased costs and profits, and wasteful reliance on armies of middlemen.

NEW: Today, the Federal Open Market Committee begins its two-day meeting as Fed Chair Jerome Powell and his colleagues consider the path forward on interest rates. Groundwork’s @bilalb.bsky.social reacted with the following statement:

Groundwork’s Bilal Baydoun on FOMC: “We have to be honest about the profound limits of the Fed’s interest rate tool”groundworkcollaborative.org “Chair Powell has not made it clear how holding rates higher for longer will bring down housing prices. We have to be honest about the profound limits of the Fed’s interest rate tool and its potential...

Our special June issue of The American Prospect uncovering how companies are hiking prices continues with a new piece from Joanna Marsh, exposing the hidden costs of subscriptions on consumers' budgets and our economy. Read "The One-Click Economy" now:

The One-Click Economyprospect.org Digital subscriptions are here to stay. What should we do about that?

"The tool the Fed is using to drive inflation down is doing precisely the opposite." Moody's Mark Zandi and the Urban Institute's Jim Parrott on why “it’s time for the Federal Reserve to declare victory in its war on inflation and cut interest rates." www.washingtonpost.com/opinions/202...

Opinion | Note to Fed: It’s okay to cut interest rates nowwww.washingtonpost.com The board’s insistence on keeping rates higher for longer is based on a serious misjudgment.

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Our June 2024 special issue on pricing with @groundwork.bsky.social is live! To kick off the issue, @ddayen.bsky.social and Lindsay Owens explain how corporations have shifted from ruthless cost-cutting to price gouging to raise profits at the expense of the public.

The Age of Recoupmentprospect.org How power, technology, and opportunity have come together to gouge consumers

The Direct File pilot proved our government is more than capable of providing a free, public tax-filing service that saves taxpayers time, money, and headache. Investing in the IRS works for working people. We're thrilled that Direct File is here to stay.

IRS Direct File is here to stay. All 50 states are invited.www.washingtonpost.com The Biden administration announced plans to renew the experimental free tax filing service that it tested this year, and to make it available in more than 12 states.

Raising the corporate tax rate is about investing in the American people.

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We're having a party with @groundwork.bsky.social to celebrate the release of our June special issue on pricing! Will we see you in Washington D.C. June 11th?

Prospect LIVE: The June Pricing Issuewww.eventbrite.com Join The American Prospect and Groundwork Collaborative Tuesday, June 11th from 7 to 10PM to celebrate our June special issue!

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ICYMI: A coalition of over 100 unions, advocacy groups, & think tanks, including @groundwork.bsky.social, is urging Congress to use the impending expiration of certain 2017 Trump tax law provisions as an opportunity for substantial tax reform. Read: www.thefiscaltimes.com/2024/05/21/1...

100+ Unions and Public Interest Groups Call for Major Tax Overhaulwww.thefiscaltimes.com A coalition of more than 100 unions, advocacy groups and think tanks wrote to congressional leaders Tuesday urging

On Memorial Day, we honor those who've given their lives in defense of our freedoms and recommit to building a democracy worthy of their ultimate sacrifice, one with true opportunity and prosperity for all.

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Washington D.C.: We're having a party with @groundwork.bsky.social to celebrate our special issue on pricing on June 11th! Will we see you there? RSVP today:

Prospect LIVE: The June Pricing Issuewww.eventbrite.com Join The American Prospect and Groundwork Collaborative Tuesday, June 11th from 7 to 10PM to celebrate the release of our April print issue!

A historic coalition of 100+ organizations joined forces to demand Congress pass bold tax reform when Trump tax law provisions expire. Read our letter: groundworkcollaborative.org/news/groundwork-joins-over-100-national-groups-to-urge-congress-to-overhaul-the-tax-code-raise-corporate-rate-in-2025/

NEW: We’ve joined 100+ leading organizations in calling on Congress to pass bold tax reform when Trump tax law provisions expire. Read the full #TaxLetter: groundworkcollaborative.org/wp-content/uploads/2024/05/EMBARGOED-052124-Tax-Letter-to-Congress.pdf

"Wall Street tycoons and CEOs didn’t take the heat of inflation — they fanned its flames and families got burned. It’s no wonder people overwhelmingly favor a tax code that’s no longer rigged for corporations." Groundwork's Lindsay Owens on ending the Trump tax scam:

Trump’s Corporate Tax Cuts Paved the Way for Inflation - OtherWordsotherwords.org The former president made it more profitable for companies to gouge us. When those cuts expire next year, we’ll have an opportunity to get our money back.

NEW — Groundwork's Lindsay Owens on raising the corporate tax rate to combat price gouging: "Congress raising the corporate tax rate in 2025 is an opportunity to recoup some of the truly obscene profits corporate America raked in during this period.”

"High interest rates really forced cracks in [this] recovery, and it’s folks who are on the margins of our economy who are hit first and hit hardest." @rmabud.bsky.social makes the urgent case for the Fed to lower interest rates in today's New York Times — read more:

High Interest Rates Are Hitting Poorer Americans the Hardestwww.nytimes.com The economy as a whole has proved resilient amid the highest rates in decades. But beneath the surface, many low- and moderate-income families are struggling.

"Wage growth is very overdue. [Americans] have gone years, if not decades in some cases, with stagnant wages or small raises." —Groundwork's Lindsay Owens makes the case for raising wages and identifies corporate profiteering as a culprit behind higher prices

Inflation is slowing. Here's why prices still aren't going downwww.nbclosangeles.com Americans are still feeling the pressure of high prices despite reports of inflation slowing and wages increasing.

From concert ticket prices to food delivery fees, businesses are padding their bottom lines by charging consumers junk fees. These predatory fees diminish people’s ability to shop around as the gap between the price you see & what you pay is getting worse www.wsj.com/finance/inve...

The Gap Between the Price You See and What You Pay Is Getting Worsewww.wsj.com A mass unbundling of charges creates more surprise charges when it’s time to make a purchase.

Lower corporate taxes ➡️ Less to invest in workers, families and communities. Revenues from corporate taxes are a QUARTER of what they were in the 1970s. It’s time to raise the corporate tax rate.

Did you know: Housing costs are a major driver of inflation overall? Or that the @FederalReserve could be making things worse by keeping inflation rates high? Let Groundwork's Chief Economist Rakeen Mabud explain: groundworkcollaborative.org/news/groundw...

Groundwork’s Dr. Rakeen Mabud on FOMC: “The Fed is failing families struggling to get by and failing to bring down inflation”groundworkcollaborative.org Ahead of the Federal Reserve’s policy announcement this afternoon, Groundwork Collaborative Chief Economist Dr. Rakeen Mabud warned against keeping interest rates at 23-year highs: “The Fed is failing...

“By exposing how corporate profiteering results in price increases, [she's] been credited with changing the way people understand inflation.” ICYMI: Groundwork’s @owenslindsay1 is one of @Washingtonian's Most Influential People of 2024!

"There's no doubt we have the tools to restore a fair price in America—we just have to use them." Read @groundwork.bsky.social’s Director of Policy and Research @bilalb.bsky.social’s full testimony on shrinkflation and his policy recommendations here: groundworkcollaborative.org/news/icymi-g...

ICYMI: Groundwork’s Bilal Baydoun Tells Senate Banking Committee: “The price tag as we know it may become a relic of the past”groundworkcollaborative.org Today, Groundwork Collaborative Director of Policy and Research Bilal Baydoun testified before the Senate Banking Committee at a hearing titled, “Higher Prices: How Shrinkflation and Technology Impact...

On #MayDay, we honor the history of the labor movement and celebrate the courage of union members across our country who continue to stand up for fair pay and working conditions. Unions are essential to building an economy that works for all.

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"We can raise the corporate tax rate & disincentivize this corporate profiteering that's costing Americans so much." ICYMI: @groundwork.bsky.social's Lindsay Owens' #TaxDay message emphasizes the connection between high prices and corporate tax breaks. Read more: bit.ly/44dy7dK

One Expert's Tax Day Message: Fight Profiteering by Hiking the Corporate Tax Rate | Common Dreamsbit.ly "We can raise the corporate tax rate and disincentivize this corporate profiteering that's costing Americans so much," said Groundwork Collaborative executive director Lindsay Owens.

"Few issues have more currency inside the White House than junk fees ... the administration’s focus on the matter has grown on multiple fronts." We're encouraged by President Biden's continued efforts to rein in corporate greed and build an economy for all.

Biden's growing junk fee movementwww.politico.com