For decades, the U.S. tax code has been rigged in favor of the rich. With the enactment of President Biden’s  Inflation Reduction Act, along with his budget, the Administration has made a commitment to reversing this upside tax code, and making our tax code work for everyone, not just the powerful and well-connected. Today, President Biden announced his proposal to lower housing costs, giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks. Americans for Tax Fairness executive director David Kass released this statement:

“Tax policy is a powerful tool, and one that should be used to create an economy that works for everyone. Landlords should not receive tax breaks for raising rents and forcing families out of their homes. This is common sense policy. We applaud the White House and President Biden’s continued focus on unrigging our tax code and creating an economy that works for everyone, not just for rich corporations and the very wealthiest.”