Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Follow us:

We know how much you value the nonprofit, independent journalism of Common Dreams. The only thing that keeps us going is support from readers like you. As some have been forced to cut back on giving, your contribution becomes even more important. So please, join the small group of generous readers who donate, keeping Common Dreams free for millions of people each year. Help fill the gap created by those who have been forced to cancel their monthly recurring donations. Without your help, we won’t survive.

To donate by check, phone, or other method, see our More Ways to Give page.

If you’ve been waiting for the right time to support our work—that time is now.

Our mission is simple: To inform. To inspire. To ignite change for the common good.

But without the support of our readers, this model does not work and we simply won’t survive. It’s that simple.
We must meet our Mid-Year Campaign goal but we need you now.

Please, support independent journalism today.

To donate by check, phone, or other method, see our More Ways to Give page.

To donate by check, phone, or other method, see our More Ways to Give page.

Join the small group of generous readers who donate, keeping Common Dreams free for millions of people each year. Without your help, we won’t survive.

To donate by check, phone, or other method, see our More Ways to Give page.

Senate Majority Leader Mitch McConnell (R-Ky.) walks to the Senate floor at the U.S. Capitol on December 17, 2020 in Washington, D.C.

Senate Majority Leader Mitch McConnell (R-Ky.) walks to the Senate floor at the U.S. Capitol on December 17, 2020 in Washington, D.C. (Photo: Tasos Katopodis/Getty Images)

How the Richest 1 Percent Came Out Big Winners in the Covid Relief Bill

Republicans didn't blink twice when they handed out $6.3 billion in tax breaks to their wealthy corporate backers, but when it came to getting direct relief to struggling Americans $600 was the best they could do.

Robert Reich

 by RobertReich.org

Hidden in the bill combining Covid relief and government spending is a cool $200 billion in tax breaks. An estimated $120 billion of those tax breaks will go to the richest 1 percent of Americans.

Those giveaways include:

—A $2.5 billion break for racecar tracks

—A $6.3 billion write-off for business meals, i.e. the “three-martini lunch” deduction

—A new provision under the Paycheck Protection Program that allows forgiven loans to also be tax deductible, giving businesses the ability to “double dip” into the program

The bill also creates an independent commission to oversee horse racing, at the behest of Mitch McConnell.

There’s no question about it: This pandemic has both revealed and exacerbated our already staggering economic inequality.

Republicans didn’t blink twice when they handed out $6.3 billion in tax breaks to their wealthy corporate backers, but when it came to getting direct relief to struggling Americans $600 was the best they could do. Their priorities couldn’t be clearer.

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Robert Reich

Robert Reich

Robert Reich, is the Chancellor’s Professor of Public Policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, for which Time magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. His book include:  "Aftershock" (2011), "The Work of Nations" (1992), "Beyond Outrage" (2012) and, "Saving Capitalism" (2016). He is also a founding editor of The American Prospect magazine, former chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." Reich's newest book is "The Common Good" (2019). He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.

Comments

"I'm sure this will be all over the corporate media, right?"
That’s what one longtime Common Dreams reader said yesterday after the newsroom reported on new research showing how corporate price gouging surged to a nearly 70-year high in 2021. While major broadcasters, newspapers, and other outlets continue to carry water for their corporate advertisers when they report on issues like inflation, economic inequality, and the climate emergency, our independence empowers us to provide you stories and perspectives that powerful interests don’t want you to have. But this independence is only possible because of support from readers like you. You make the difference. If our support dries up, so will we. Our crucial Mid-Year Campaign is now underway and we are in emergency mode to make sure we raise the necessary funds so that every day we can bring you the stories that corporate, for-profit outlets ignore and neglect. Please, if you can, support Common Dreams today.

 

To donate by check, phone, or other method, see our More Ways to Give page.

Latest News

See all
Roe protest

'We WILL Fight Back': Outrage, Resolve as Protests Erupt Against SCOTUS Abortion Ruling

Demonstrators took to the streets Friday to defiantly denounce the Supreme Court's right-wing supermajority after it rescinded a constitutional right for the first time in U.S. history.

Brett Wilkins ·

Abortion rights activists hoist their signs outside the U.S. Supreme Court in Washington, D.C. on June 24, 2022.

80+ US Prosecutors Vow Not to Be Part of Criminalizing Abortion Care

"Criminalizing and prosecuting individuals who seek or provide abortion care makes a mockery of justice," says a joint statement signed by 84 elected attorneys. "Prosecutors should not be part of that."

Kenny Stancil ·

House Majority Whip James Clyburn (D-SC), chairman of the House Select Subcommittee on the Coronavirus Crisis, speaks during a hearing on September 23, 2020 in Washington, DC. Powell yesterday said the U.S. economy has a long way to go before fully recovering from the coronavirus pandemic and will need further support. (Photo by Stefani Reynolds-Pool/Getty Images)

Progressives Rebuke Dem Leadership as Clyburn Dismisses Death of Roe as 'Anticlimactic'

"The gap between the Democratic leadership, and younger progressives on the question of 'How Bad Is It?' is just enormous."

Julia Conley ·

John Fetterman

In 10 Key US Senate Races, Here's How Top Candidates Responded to Roe Ruling

While Republicans unanimously welcomed the Supreme Court's rollback of half a century of reproductive rights, one Democrat said "it's just wrong that my granddaughter will have fewer freedoms than my grandmother did."

Brett Wilkins ·

Bernie Sanders

Sanders Says End Filibuster to Combat 'Outrageous' Supreme Court Assault on Abortion Rights

"If Republicans can end the filibuster to install right-wing judges to overturn Roe v. Wade, Democrats can and must end the filibuster, codify Roe v. Wade, and make abortion legal and safe," said the Vermont senator.

Jake Johnson ·

Most Popular

 
  1. Citing 'Deluge of New Evidence,' House Jan. 6 Committee Delays Hearings
  2. 'Unconscionable': House Committee Adds $37 Billion to Biden's $813 Billion Military Budget
  3. The Right-Wing Supreme Court Readies to Help Destroy the Planet
  4. Why Do Tens of Millions in US Support an Economic System That Doesn't Benefit Them?
  5. Study Shows Excess Corporate Profits in the US Have Become 'Widespread'
  6. Demanding Prosecution, Legal Experts Say This Is the 'Smoking Gun' to Nail Trump
  7. 'He Must Resign': Staff Texts Over Fake Elector Slates Implicate Ron Johnson
  8. Supreme Court Ruling Turns Separation of Church and State Into 'Constitutional Violation,' Warns Sotomayor
  9. As Right-Wing Majority Shows Its Face, Confidence in Supreme Court Hits All-Time Low
  10. 'We Won't Go Back!': Rapid-Response Protests Across US After Roe Reversal
Common Dreams Logo

To donate by check, phone, or other method, see our More Ways to Give page.