GOP Tax Plan Could Hurt Generations of African-Americans

 

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