The American Prospect: Think the GOP Tax Cut Was for the Rich? Actually, It Was for the White and Rich.
media mentionThe $1.5 trillion tax cut signed into law last December by President Trump is not only widening the economic gap between the rich and everyone else, but also between white Americans and people of color.
That’s according to a new, first-of-its-kind analysis of the 2017 Republican Tax Act by the Institute on Taxation and Economic Policy (ITEP) and Prosperity Now, a nonprofit advocacy group for low-income households. Using an economic model created by ITEP, the report drills down on the racial implications of the Republicans’ handiwork. The report’s authors found that racial inequities are a feature of the tax law, not a bug—Trump’s tax cuts champion Americans with existing wealth over those struggling to create new wealth.