*Attorney Antonio Moore and Political Commentator Yvette Carnell explain the tax reform bill, and what its particularly devastating impact will be on Black America.
The two use a combination of data, and opinion to explain the ways the policy change will affect black families across the nation.
From deduction change, to budget cuts to programs this reform is all encompassing, and takes further than even Reaganomics.
Charles D. Ellison, a Washington correspondent for The Philadelphia Tribune, says, “Not only is Black America the least likely to see a tax cut, but it’s the most likely to see future tax increases, shredded safety nets and a flurry of fines and fees to make up the difference.” He continues, “Right now, at this very moment, the single biggest threat to the group of people already in a compromised position because of their race is the Congressional Republicans’ tax-reform plan. Not the sound of the police. Not lead in your water and not a jail cell.”
How will the proposed Tax Reform Plan impact Black America?
· Greatly reduce Medicaid by $5.3 trillion over ten years
· Trigger $400 billion in Medicare cuts over ten years, including $25 billion in the first year
· Greatly reduce food stamps by 30 percent
· Eliminate the ability to write off student loan interest
· Dramatically reduce college Pell Grants
· Significantly reduce the number of Head Start slots by 200,000
· Cut K-12 Education funding by 30 percent
· Eliminate rental assistance to nearly 1 million households
· Cut job training by 40 percent
· Exacerbate the wealth disparity between white and nonwhite Americans
· Put median Black household wealth on a path to hit zero by 2053
· Create an additional $1.5 trillion deficit that would force the gutting of social service programs for decades to come.
This proposed tax plan is as close to the return of slavery that Black people have been faced with since the first Civil War. Most Black leadership and progressive leadership are asleep on this aspect of the proposed Tax Reform Plan. Many government operatives, foundations, universities and corporate-sector leaders have aligned and seemingly conspired to destroy the progress made by Black people over the past 152 years under the guise of Tax Reform.