Expand the Child Tax Credit and establish a Renter’s Tax Credit
I am writing to express my concern
about the widening wealth gap between the rich and the poor in our state. While Oklahoma ranks 12th in the nation for the number of billionaires per million people, we simultaneously hold the 45th and 42nd positions in terms of millionaire households and average income, respectively which is significantly lower than the national average.
This divide is concerning. First, it means that a small number of people are controlling a large share of the wealth in our state. This can lead to a concentration of power and influence, which can undermine democracy. Second, the divide between the rich and the poor can stifle economic growth. When most of the wealth is concentrated in the hands of a few people, there is less money to invest in businesses and create jobs. This can lead to a stagnation of the economy and a decline in the living standards for everyone.
I urge your readers to join me in calling upon our elected officials to take immediate action to address this growing divide by advocating for the permanent expansion of the Child Tax Credit and establishing a federal Renter’s Tax Credit. These measures would provide much-needed financial relief to renters, who are often among the most vulnerable members of our community and would lift children in need out of poverty. Additionally, these credits would
stimulate consumer spending, boosting our economy and propelling our state out of the bottom 10.
We must prioritize the well-being of our children and those living in poverty. We cannot allow wealthy corporations and CEOs to cut in line while the gap between the rich and the poor widens relentlessly. I implore Sen. James Lankford, Sen. Markwayne Mullin and Rep. Kevin Hern to champion the expansion of the Child Tax Credit and the establishment of a Renters Tax Credit in Oklahoma.
— Jacoby Gonzales, Tulsa