By Joint Center
Photos: YouTube\Wikimedia Commons
President Trump’s One Big Beautiful Bill is “an assault on racial and economic justice,” writes Joint Center Tax Policy Advisory Committee member Brakeyshia Samms for Bloomberg Tax.
The new tax bill raises taxes on the poorest 40 percent of Americans and barely cuts them for the middle 20 percent. The top one percent — who are disproportionately white — will gain more than the bottom 80 percent combined in 2026.
The top one percent will get $1 trillion in tax cuts over the next decade. Black and Hispanic taxpayers make up 11 percent and 15 percent of the US population but receive only two percent and five percent of the benefits from this special break for pass-through income, respectively, according to the Treasury Department.
To provide more revenue in services to marginalized communities and lessen the racial and economic gaps, lawmakers could have:
- Extended tax cuts for those earning less than $400K
- Expanded the Affordable Care Act tax credits
- Restored the 2021 Child Tax Credit
Earlier this year, the Joint Center published an analysis explaining the budget reconciliation cuts to the social safety net and their impact on Black households.
