It is a matter of consensus that the GOP’s agenda is not beneficial to Black America. Given that taxes are the financing plan for any political agenda, it should come as no surprise that the GOP’s Tax Cuts and Jobs Act is par for the course. The Joint Committee on Taxation estimates this bill will add $1.5 trillion to the national debt over the course of ten years. This addition is the result of reduction of the top corporate income tax rate from 35% to 20% while doubling the limit on the estate tax , terminating the estate and generation skipping tax in six years, eliminating the Alternative Minimum Tax(which limited President Trump’s ability to pay even less in taxes in 2005 and impacts people with incomes above $130,000), and enabling high earning small business owners such as hedge fund managers, doctors, lawyers, and consultants to pay a tax rate of 25% on 30% of their respective income.
Impact of the GOP Tax Plan on HBCU Communities
Impact of the GOP Tax Plan on HBCU…
Impact of the GOP Tax Plan on HBCU Communities
It is a matter of consensus that the GOP’s agenda is not beneficial to Black America. Given that taxes are the financing plan for any political agenda, it should come as no surprise that the GOP’s Tax Cuts and Jobs Act is par for the course. The Joint Committee on Taxation estimates this bill will add $1.5 trillion to the national debt over the course of ten years. This addition is the result of reduction of the top corporate income tax rate from 35% to 20% while doubling the limit on the estate tax , terminating the estate and generation skipping tax in six years, eliminating the Alternative Minimum Tax(which limited President Trump’s ability to pay even less in taxes in 2005 and impacts people with incomes above $130,000), and enabling high earning small business owners such as hedge fund managers, doctors, lawyers, and consultants to pay a tax rate of 25% on 30% of their respective income.