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New tax plan another white privilege? According to Newsweek it is.

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White Americans can expect major privileges under the Republican tax reform plan — ones that blacks and Latinos will mostly miss.

 

Tax reform could be crafted to create inclusive growth, but the proposed GOP plan will only exacerbate the racial wealth gap and lift inequality growth, according to economists and tax lawyers. Families of color will soon make up a majority of the American population, yet they continue to fall behind whites in building wealth. White family wealth was seven times greater than black family wealth and five times greater than Hispanic family wealth in 2016.

 

“Tax law is generally created with white taxpayers in mind and this is another example of that,” said Dorothy Brown, an Emory University law professor who focuses on tax policy by race and class. “This plan privileges the way whites experience America."

 

This is how the tax plan will be rigged by race:

 

It favors Americans with compounded wealth.

 

The Republican plan favors Americans who generate income from wealth they or their families already have. Currently, inherited wealth of up to $5,430,000 can be passed tax-free to a surviving spouse, and then to children. The new plan would completely eliminate the estate tax, meaning that any amount of money could be passed down to future generations tax-free. These changes to the estate tax will cost an estimated $200 billion, and would largely exclude blacks and Hispanics. Because of the systematic disenfranchisement of non-white Americans, whites have had much more time to earn money and let it compound.

 

“The GOP tax plan is nothing more than a massive transfer of wealth to the richest Americans at the expense of working families and underserved communities,” said New York Congresswoman Yvette D. Clarke.

 

It cuts Medicaid, Obamacare subsidies, and social benefits.

 

Obamacare's expansion of Medicaid and subsidized coverage lowered the uninsured rate of non-elderly African Americans from nearly 19 percent to just under 12 percent, but the GOP tax plan would largely eliminate these benefits. The Senate would not only end subsidies for Obamacare, but also cut $5.3 trillion from Medicaid over ten years to pay for tax cuts. The House plan would also end the medical expense deduction which allows Americans to deduct qualified medical expenses that exceed 10% of their income for the year. These changes would penalize lower-class Americans who underinsured.

 

Brown also worries of a “second punch” to the non-white community, “after the bill is passed Republicans will counter rising deficits by cutting back on social programs,” she said.

 

The U.S. poverty rate dropped to 12.7 percent in 2016 but the poverty rate for black Americans is 22 percent, and as a result they rely on social assistance programs more than white Americans.

 

It favors white business owners and shareholders.

 

Tax advantages for businesses make up the vast majority of the Senate tax plan, at 60 percent of the total cost. Only 17 percent of businesses in America are minority-owned and large tax breaks for corporations don’t typically create more jobs or raise wages, according to Vanessa Williamson of the non-partisan Brookings Institute.

 

Changes to corporate tax rates will benefit shareholders, but only one-third of black and Hispanics own stock, compared to two-thirds of whites. “Wealth disparity between white and nonwhite Americans will be compounded by this legislation. I think that tax policy in America, like most policy, has historically been intended to advantage white people.” said Williamson.

 

Black and Hispanic Americans don't own as many homes as whites.

 

Tax policy favors homeowners, and the rate of homeownership among white Americans is more than 30 percent higher than black Americans. Black and Hispanic households are about twice as likely as white households to rent their homes, yet there are no tax breaks for renters. The House bill would also eliminate a type of tax-exempt bond that funds about half of all affordable housing development in the United States.

 

A new report by The Institute for Policy Studies found that “without a serious change in course, the country is heading towards a racial and economic apartheid state,” and that “if the racial wealth divide is left unaddressed and is not exacerbated further over the next eight years, median Black household wealth is on a path to hit zero by 2053."

 

http://www.newsweek.com/tax-plan-inequality-black-hispanic-trump-tax-713505

 

 

 

One of the more ridiculous reaches for class warfare I've seen.

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Gee, Emory University sees race. Film at eleven.

 

What's that old saying? When the only tool you have is a hammer, every problem starts to look like a nail?

 

I can virtually guarantee you that 99% of the people who have an opinion about the upcoming tax bill see it as a mechanism primarily to make the uber wealthy Uber wealthier.

 

The notion that somebody sat down and said Gee, how can we screw over black people? Never crossed anybody's mind, except race baiters like this one.

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I think the article is basically correct. It would be more accurate to say the tax plan overwhelmingly favors wealthy Americans, who are overwhelmingly white.

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I think the article is basically correct. It would be more accurate to say the tax plan overwhelmingly favors wealthy Americans, who are overwhelmingly white.

Serious question, you are a liberal guy, why are you so in favor of taxing inheritance?

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I think the article is basically correct. It would be more accurate to say the tax plan overwhelmingly favors wealthy Americans, who are overwhelmingly white.

G, you mean 12% of population roughly a quarter of which is in the prison system doesn't represent 88% of America's wealthiest? I am shocked!

 

This is the Oscars all over again!

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G, you mean 12% of population roughly a quarter of which is in the prison system doesn't represent 88% of America's wealthiest? I am shocked!

 

This is the Oscars all over again!

:lol: :first:

 

 

Have you seen the number of amendments already added to this sh!t?

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Serious question, you are a liberal guy, why are you so in favor of taxing inheritance?

Im not sure I am in favor of it. :dunno:

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Serious question, you are a liberal guy, why are you so in favor of taxing inheritance?

 

I am definitely not a liberal when it comes to fiscal issues, but of all the taxes I think inheritance tax is the one i most support. I do not respect the "Royalty" of Europe or the Paris Hilton's of the world. People should not be rich and famous strictly based on the luck of being born to insanely rich parents.

 

I would raise the inheritance tax quite a bit once it was over 250k, and even more once it was over a million dollars.

 

Someone that works for their money and earns it themselves I respect. If we had the deficit under control I would have no problem with tax cuts for the rich that earn their money.

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The GOP seriously needs to rework its marketing on the inheritance tax.

 

Stop already with the poor beleaguered family farmer who has to sell everything off that grandpa bequeathed to them in order to pay the estate tax.

 

Great story. But the truth is, something like .1% of those who are impacted by the estate tax post exclusion are anywhere near family farmers.

 

If you want to be realistic about it? Show a picture of the Koch brothers with a graphic of 100billion dollars underneath.

 

You know , the poor family billionaires.

 

We should probably hold a f****** Telethon or something.

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The GOP seriously needs to rework its marketing on the inheritance tax.

 

You mean market to poor liberals? They seem to be the only segment of society that is instructed to care about this. :dunno:

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I am definitely not a liberal when it comes to fiscal issues, but of all the taxes I think inheritance tax is the one i most support. I do not respect the "Royalty" of Europe or the Paris Hilton's of the world. People should not be rich and famous strictly based on the luck of being born to insanely rich parents.

 

I would raise the inheritance tax quite a bit once it was over 250k, and even more once it was over a million dollars.

 

Someone that works for their money and earns it themselves I respect. If we had the deficit under control I would have no problem with tax cuts for the rich that earn their money.

You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

That's kind of jacked up. We have different views but thanks for a straight non-political crap answer. :thumbsup:

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The GOP seriously needs to rework its marketing on the inheritance tax.

 

Stop already with the poor beleaguered family farmer who has to sell everything off that grandpa bequeathed to them in order to pay the estate tax.

 

Great story. But the truth is, something like .1% of those who are impacted by the estate tax post exclusion are anywhere near family farmers.

 

If you want to be realistic about it? Show a picture of the Koch brothers with a graphic of 100billion dollars underneath.

 

You know , the poor family billionaires.

 

We should probably hold a f****** Telethon or something.

The message is sh!t for the most part but why should the government be entitled to a big chunk of money?

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You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

Great summary. Stop penalizing success and making fiscally sound choices.

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You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

That's kind of jacked up. We have different views but thanks for a straight non-political crap answer. :thumbsup:

 

But the government needs to bring in a certain amount of money a year. Even if they do cut spending in a meaningful way they still need money to run.

 

If they can tax heirs to lower the tax rate on the working middle class then i am for it. Why penalize the guy working 50 hours a week to bring in <100k to support his family of 4 just so people who are born with the correct parents can inherent all that wealth.

 

Like i said, I am fine with lower taxes for the successful business owners that make it big. I do not want to penalize success.

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These tax cuts favor the rich and jerk over the middle and lower classes.

 

That fockhead Emory professors and their liberal puppets nodding their heads in agreement make it about race and "white privilege" are idiots. Only a very small handful of white families are rich and benefit from these tax cuts, the vast majority of white people are just making a living and trying to get and this is a tax hike for them.

 

Every time I see the words 'white privilege,' I want to take my white trash hands and strangle the arrogant privileged dipsh*t that doesn't realize just how many white folks out here exist that know with 100% certainty they aren't privilege in the slightest.

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These tax cuts favor the rich and jerk over the middle and lower classes.

 

You mean like increasing the child tax credit?

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You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

That's kind of jacked up. We have different views but thanks for a straight non-political crap answer. :thumbsup:

 

This is spot on.

 

Well said.

 

:thumbsup:

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But the government needs to bring in a certain amount of money a year. Even if they do cut spending in a meaningful way they still need money to run.

 

If they can tax heirs to lower the tax rate on the working middle class then i am for it. Why penalize the guy working 50 hours a week to bring in <100k to support his family of 4 just so people who are born with the correct parents can inherent all that wealth.

 

Like i said, I am fine with lower taxes for the successful business owners that make it big. I do not want to penalize success.

I agree. There are a lot more focked up things in the tax code than the inheritance tax that would correct the problem.

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Thats silly.

 

Its meant to favor the super wealthy.

 

Now most super wealthy people in America are white. But thats coincidence as far as the motives of this tax plan are concerned.

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You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

That's kind of jacked up. We have different views but thanks for a straight non-political crap answer. :thumbsup:

Its sorta like, if you have to tax something why not a dead guy?

 

He doesnt need it anymore.

 

His heirs didnt earn it.

 

And its not like its a 100% tax or anything. He can still leave something behind but it is and should be taxed more than anything because its unearned income to those who receive it.

 

Plus this tax only kicks in at like $5 million and most people around that area can largely avoid it through estate planning. Its really only the super mega wealthy who get hit by it. Again why do they need to pass on hundreds of billions? Id think ol junior can do just fine with ten billion :dunno:

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These tax cuts favor the rich and jerk over the middle and lower classes.

 

That fockhead Emory professors and their liberal puppets nodding their heads in agreement make it about race and "white privilege" are idiots. Only a very small handful of white families are rich and benefit from these tax cuts, the vast majority of white people are just making a living and trying to get and this is a tax hike for them.

 

Every time I see the words 'white privilege,' I want to take my white trash hands and strangle the arrogant privileged dipsh*t that doesn't realize just how many white folks out here exist that know with 100% certainty they aren't privilege in the slightest.

They are certainly undercutting themselves and only helping the other side. Focking fools :thumbsdown:

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You taxed the wealth as it was accumulated, you tax the earns generated by the wealth and now upon death you believe the government should get a huge chunk of the money because the heirs didn't earn it.

 

That's kind of jacked up. We have different views but thanks for a straight non-political crap answer. :thumbsup:

 

It's almost unbelievable.

 

There used to be a poster at work of all the taxes that are paid individually or as a company (I counted more than 20)...At the end, it said something like, "So, do you still want to start a business?"

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Sure, I do love my job and I can't recall ever having a job I didn't like. That doesn't go for everyone

 

It is NOT a privilege to go to work every day, as opposed to sit home and suck on the gubment teet. THAT is privilege

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Its sorta like, if you have to tax something why not a dead guy?

 

He doesnt need it anymore.

 

His heirs didnt earn it.

 

And its not like its a 100% tax or anything. He can still leave something behind but it is and should be taxed more than anything because its unearned income to those who receive it.

 

Plus this tax only kicks in at like $5 million and most people around that area can largely avoid it through estate planning. Its really only the super mega wealthy who get hit by it. Again why do they need to pass on hundreds of billions? Id think ol junior can do just fine with ten billion :dunno:

I understand it just sounds like wealth envy. :dunno: Playing devils advocate, why should you get a deduction for having a kid? Why should you get a deduction for saving for your kids college education? Make him earn that money if he/she wants to go to college.

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And the daily FF geek club trigger event has arrived!!!

you are the most triggered out of the bunch. Always

HTH

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But the government needs to bring in a certain amount of money a year. Even if they do cut spending in a meaningful way they still need money to run.

 

If they can tax heirs to lower the tax rate on the working middle class then i am for it. Why penalize the guy working 50 hours a week to bring in <100k to support his family of 4 just so people who are born with the correct parents can inherent all that wealth.

 

Like i said, I am fine with lower taxes for the successful business owners that make it big. I do not want to penalize success.

The inheritance tax is a joke to begin with. People that have enough money to worry about it put their wealth into trust and avoid it anyhow. What we really need to start taxing are nonprofits and excluded entities such as churches.

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Newsweek is a liberal rag. Falls under the "oath" brand of garbage.

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And the daily FF geek club trigger event has arrived!!!

Relax. SkiBum, Worms and I are having a real conversation.

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Relax. SkiBum, Worms and I are having a real conversation.

 

His trigger is people who are triggered.

 

:(

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tax break on private jets... its good to be rich

 

 

Yes it is. :bandana:

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You mean like increasing the child tax credit?

That's only 10% of it, the corporate tax cut is 3 times greater. Five times greater if you roll in the other business taxes.

 

To compensate for the lost revenue, they shift to tax increases elsewhere. It repeals the personal exemption and eliminate a whole range of deductions like mortgage, student loan, medical expenses as well as local property taxes and state taxes.

 

I could stomach those tax increases on the middle classs, maybe, if that money was used to pay down the debt. It's not. These tax increases are used to reduce taxes on the wealthy and those tax cuts targeting the top 1% are so massive that they still run up $1.5 trillion in government debt despite jerking over the middle class.

 

Also, don't confuse small businesses with wealthy investors. This is for the investors, not the small businesses.

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That's only 10% of it, the corporate tax cut is 3 times greater. Five times greater if you roll in the other business taxes.

 

To compensate for the lost revenue, they shift to tax increases elsewhere. It repeals the personal exemption and eliminate a whole range of deductions like mortgage, student loan, medical expenses as well as local property taxes and state taxes.

 

I could stomach those tax increases on the middle classs, maybe, if that money was used to pay down the debt. It's not. These tax increases are used to reduce taxes on the wealthy and those tax cuts targeting the top 1% are so massive that they still run up $1.5 trillion in government debt despite jerking over the middle class.

 

Also, don't confuse small businesses with wealthy investors. This is for the investors, not the small businesses.

 

 

And how much do you pay to uncle sam? <_<

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