Newswire : NAACP strongly opposes unfair trillion dollar tax giveaway to the wealthy

by: Special to the AFRO

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BALTIMORE—The NAACP unequivocally stands in opposition to the recent Senate Tax Plan that passed in the early hours of Saturday, and the conference committee report, which Congress is voting on now. This tax legislation recklessly reclassifies our tax system to the benefit of the nation’s wealthiest and to the detriment of hardworking low and middle income communities, women and children.
“This tax plan promotes the old fable of trickle-down economics where politicians promote the myth that over a trillion dollars in deficit-generating tax giveaways will somehow pay for themselves because the wealthy will invest that money in the economy,” said Derrick Johnson, NAACP President and CEO. “In reality, we know from previous experience that their unfair financial windfall will never trickle down to the average American.
“What will trickle down to our communities, especially young children and families, senior citizens, disabled Americans, students and low and middle-income working families, are cuts to the programs that average Americans need to survive, including Medicaid, SNAP (food stamps), housing assistance, public education, Social Security, and Medicare.
“In addition to a permanent tax giveaway for corporations, one of the most sickening parts of this huge tax plan is that it will remove the safety net of health insurance from nearly 13 million individuals and a disproportionate number of low-income communities of color.
“This proposal contradicts the core American values of shared responsibility and compassion through its attempt to make inequality permanent. It handcuffs local and state government’s ability to cover education and other critical services by repealing the federal deduction for state and local income and sales taxes and capping the deduction for state property taxes.
“The Senate proposal also leaves out children in hard working families earning low wages from an expansion of the Child Tax Credit (CTC). While the Senate plan expands the credit to higher-income households – including those earning up to $500,000 a year – millions of children would receive little or no benefit. Moreover, the Senate plan excludes a million immigrant children who currently qualify for the CTC.
“While the tax code should be used as a mechanism to promote equity and the fair sharing of our nation’s services and commitments, it has instead been co-opted in a partisan way that takes even more from those who have less to make life even more favored for the 1 percent.
“The NAACP is deeply concerned about the injustice of a tax reform that will provide 83% of its benefits to the top 1% of the people in the nation based on income,” said Johnson.