Trump’s Expiring Tax Cuts Exacerbated Inequality, Harmed Black Americans
The 2017 Tax Cuts and Jobs Act, while promising middle-class benefits, disproportionately favored corporations and high-income earners, increasing the national deficit by $1.9 trillion. The cuts exacerbated existing racial and income inequalities, with Black taxpayers paying higher taxes than similarly situated white taxpayers due to factors like lower homeownership rates. This was achieved through tax advantages biased towards homeownership and stock ownership, areas where Black Americans are historically disadvantaged. Furthermore, the repeal of the individual mandate in the Affordable Care Act led to a disproportionate drop in health insurance coverage among low-income individuals, particularly Black Americans.
John Q. Hosedrinker