The proposed Republican tax overhaul bill has some African-Americans concerned, and experts say warn it will have devastating impacts on communities of color.
by Mashaun D. Simon
To
make ends meet, Jasmine Simon, 26, a single mother living in Las Vegas,
Nevada, has to work three jobs while juggling classes as a political
science major at the University of Nevada at Las Vegas.
“As women of color,” she told NBC News, “We do that.”
Which is why she has some concerns about the recently proposed, Republican sponsored tax overhaul bill. If passed, it would end the alternative minimum tax, reduce or repeal the estate tax, and cut taxes for pass-through entities. The Tax Policy Center reports
that the proposed plan would also allow businesses to expense new
investment, not allow businesses to deduct net interest expenses; and
reduce federal revenue, raising federal debt over the next decade.
“If
we just look at the proposed childcare tax credit alone, it does not
help people like me; people who look like me,” she said. “Each month I
pay anywhere between $950 and $1,100 a month in childcare. To just give
me a credit of $1,000 a year? That is not enough. It just does not help
people who look like me.”
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Source: NBC News
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