Commonwealth Magazine, August 14, 2020
Now is the time to take the reins to determine our own destiny. All of us can call on the federal government to provide our people and state governments with financial supports, just as it did in the Great Recession. The Legislature has options: it can use our state’s multi-billion-dollar Rainy-Day Fund, take advantage of borrowing, or raise taxes by asking those who have benefited most from our economy to pay their fair share. By raising taxes on unearned income like dividends and capital gains, for instance, Massachusetts can ensure a fair and equitable recovery for black, brown, and other communities who have historically been left on the margins. We all should have the resources we need to participate in our recovery — that is equity.
Government budgets are a statement of our collective priorities. Reducing inequality should be part of the economic calculus of how states and localities balance their budgets. This pandemic has shown how little cushion many of our communities of color and low-income people have to weather the economic slowdown. Without adequate revenue from the federal government and our wealthy neighbors and corporations, we can’t make the investments we need for a strong and equitable recovery.