The chairman of the Congressional Black Caucus slammed the Republican tax bill Thursday, saying the bill benefits the wealthy and the president.
While he hasn’t finished reading the entire bill, Louisiana Rep. Cedric Richmond said he was struck by how the bill seemed to benefit the most wealthy in the country and President Donald Trump.
“The Congressional Black Caucus is still reviewing the Republican tax bill like everyone else because it was drafted behind closed doors without our input. But from what we’ve seen so far, one thing is crystal clear: This bill was drafted to help the richest of the rich and hurt under-served communities. In fact, this bill likely benefits President Trump directly, which we could confirm if he had released his tax returns as every President in modern history has done,” Richmond noted in a press release.
Republicans, aiming for the biggest tax cut in three decades, released their almost 500-page tax plan Thursday. Under the Tax Cuts and Jobs Act, the corporate tax rate would go down to 20 percent from 35 percent. The plan doesn’t enact any changes to 401(k)s, reduces the tax brackets down to four and increases the tax credit for families with children. Some Republicans have come out against the bill, citing concerns about the bill not doing enough to help working families.
Richmond said the bill was an insult to black families, who would only save a little money under the bill, while richer corporations would gain the most. The tax plan, Richmond argued, would only further wealth inequality in America.
“Republicans tout their proposal as a victory for middle class families, but it is insulting to offer an African-American family a few hundred dollars in tax relief while giving major corporations and Trump’s 1 percent a multi-million dollar windfall. We are facing a crisis of wealth and income disparities in America and Republicans have the audacity to propose a modern day reverse Robin Hood tax system that will only widen the gap between the haves and the have-nots,” Richmond noted in the statement.
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