Trump Might As Well Just Call It “The Black Tax”
Let’s get straight to the point: Trump’s proposed tax plan is designed to cripple Black communities, and only helps the rich. Historically, we have got the short end of the stick whenever tax changes occur, but Trump is taking it to a whole new level.
The biggest part of the tax plan is a massive cut for giant corporations. Trump claims that money won't end up in the pockets of rich white owners and executives, but you and I both know that's exactly what will happen.
Trump’s plan will collapse the current 7 tax brackets into 3 categories that tax at 12%, 25%, and 35%. To see which new tax level you would fall into based on your income, check out this chart.
But don’t be so excited if you realize Uncle Sam will be receiving a smaller portion of your check every other Friday. Listen, Trump has some tricks up his sleeve. Under the new plan, with major changes in tax deductions and exemptions, millionaires receive a $200,000 tax cut while someone making $50,000 will only get $400.
Trump’s tax bill is an economic injustice against Black people, who disproportionately fall below the poverty line. Already suffering from the effects of predatory home lending and job discrimination, we cannot sit by idly while Trump pads the pockets of the white elite and leaves our Black families in the dust.
For example, a new change would end exemptions for individual children which affects Black parents. In single parent homes, Trump’s plan would potentially remove the exemption for head-of-household affecting single Black mothers and fathers raising families on extremely tight budgets.
What happens when the bill comes due for all the money Trump wants to hand out to millionaires? Who do we think will pick up the tab?
Transformative tax changes must consider how America fractured the economy of Blacks with 400 years of slavery, decades of bad public policies, and harsh criminal sentences that disqualified thousands of Black men and women from countless employment opportunities.
But, Trump’s tax plan is not transformative. It’s a slap in the face of the Black people who built America and the many generations to follow and contribute insurmountably to the U.S. economy.
At the end of the day, we cannot count on Trump to look out for our community’s best economic interests. We must be financially literate and pay close attention to his policy plans in order to understand how to protect our incomes, families, and communities.
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