National Urban League Announces Transformative Main Street Tax Initiative During Senate Testimony

WASHINGTON, D.C. (November 25, 2024) — National Urban League President and CEO Marc H. Morial unveiled the organization's new "Main Street Tax Initiative" during his recent testimony before the United States Senate Committee on Banking, Housing, and Urban Affairs’ Economic Policy Subcommittee.

“The Main Street Tax Initiative is a roadmap to ensure our tax system reflects our shared values of fairness, equity, and opportunity,” Morial aid. “By expanding critical tax credits, restoring key deductions, and creating targeted incentives, this plan provides the tools needed to uplift hardworking Americans, reduce poverty, and foster economic growth in undercapitalized communities.”

The ten-point plan outlines a comprehensive approach to creating a fairer tax system that empowers low- and moderate-income families, strengthens small businesses, and addresses systemic inequities.

The hearing, led by Subcommittee Chair Senator Elizabeth Warren (D-Mass.), focused on the urgent need for tax reforms that prioritize working families and address economic disparities. Senator Warren emphasized the importance of creating a tax system that works for everyone, not just the wealthy, aligning with the principles of the Main Street Tax Initiative.

The initiative includes making the expanded Child Tax Credit and Earned Income Tax Credit permanent and establishing a “Fair Deal for America Tax” to promote economic equity. The National Urban League’s plan also emphasizes affordable housing, small business growth, and community revitalization through targeted tax incentives.

“This was a pivotal moment for Congress to hear and consider reshaping tax policy for a more equitable and prosperous America. The Main Street Tax Initiative offers solutions that work for everyone,” Morial said.

The National Urban League calls on lawmakers to take action to implement these proposals and create a tax code that works for all Americans.

View the hearing: https://www.youtube.com/watch?v=pcpnOtHYZfI

Read the full written testimony: https://www.banking.senate.gov/imo/media/doc/morial_testimony_11-20-24.pdf