The president’s apparent intentional systematic destruction of the middle-, lower- and underclasses could continue in a devastating fashion if his efforts at tax reform are enacted into law. Americans were one step closer to that reality after House Republicans passed its tax plan on Thursday afternoon.
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While his disdain for people of color has long been documented, President Donald Trump’s tax plan would take it to a new (read: worse) level, especially for the average Black family.
“Wealth disparity between white and nonwhite Americans will be compounded by this legislation,” tax and race expert and Emory University law professor Dorothy Brown told Newsweek.
Economists have predicted that the president’s plan for tax reform will only benefit the wealthiest Americans. With the average Black household earning $43,000, it would appear African-Americans were not taken into consideration at all when preparing the proposed tax plan that would reduce the existing seen tax brackets to just four.
Further compounding the impending tax plan is the possibility that the racial wealth gap – already at a historically wide margin for Black folks compared to Whites – could expand even more, according to the News & Observer.
The racial discrepancies in tax breaks can’t be ignored, either, and that’s largely due in part to the low number of Black homeowners, the Washington Post reported.
Black folks are already behind the economic 8 ball, but if Trump’s tax plan does pass – the Senate has yet to introduce its own – it could be devastating to a demographic that already needs nearly 230 years to build the wealth of a white family.
“Absent significant policy interventions, or a seismic change in the American economy, people of color will never close the gap,” the Nation wrote.
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What Trump’s Tax Plan Means For The Average Black Family was originally published on newsone.com