Tax Giveaway to the Wealthy Lacking Compassion for Most
Tax Giveaway to the Wealthy Lacking Compassion for Most Americans
Plan Promotes a Growing Inequality and Removes Healthcare for 13 Million
BALTIMORE (December 29, 2017)-The NAACP issued the following statement regarding the horrendous tax plan passed this week by Congress:
This new tax giveaway removes healthcare for 13 million Americans, and dumps over $1.5 trillion dollars of debt onto the American public while continuing to perpetuate the sad mythology which says by giving the rich more, we all do better. This plan completely ignores what we all know to be the truth: extra money given back to the working class will go into the economy at a much higher rate than money given to the wealthy.
While millions in our nation prepare for the holidays with the stark reality of the loss of healthcare and an uncertain future, our nation's most powerful elected officials decide to take from those without to give more to our nation's wealthiest 1 percent, who already own 40 percent of our nation's wealth.
According to one estimate, by 2027, individuals making over a million dollars will see an additional tax giveaway of $5.8 billion more; yet those making $40-50,000 will pay an extra $5.3 billion more in taxes.
What Congress has continued to show is that far from representing the interests of the people, our nation's policies disproportionately favor the wealthy.
Our democracy becomes healthy only when the politics and polices emanating from Congress reflect the American people and not solely the interests of corporations or our wealthiest citizens.
The NAACP unequivocally stands in strong opposition to this tax giveaway and calls on the President to veto it.