Black and Latino Households Overlooked in Trump Backed Tax Cuts
Donald Trump promised to shake up the system in Washington. In fact, the benefits of his administration’s tax policies go overwhelmingly to the same people most tax cuts have helped ever since the 1980s: wealthy white people.
In the Trump administration backed 2017 tax bill, the cuts for an average white American household were more than double those of black or Latino households. White Americans received approximately $218 billion in tax cuts, while black and Latino Americans received roughly $32 billion – combined.
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In total, the analysis estimates, whites will get $218 billion in tax cuts this year as a result of the law. Black and Latino Americans will get about $32 billion combined.
Using the Institute on Taxation and Economic Policy’s (ITEP) microsimulation model, which generates tax estimates for a sample of representative taxpayer records, Race, Wealth and Taxes: How the Tax Cuts and Jobs Act Supercharges the Racial Wealth Divide provides the first quantitative analysis to examine the racial implications of the Tax Cuts and Jobs Act and how these tax cuts reward existing White wealth at the expense of the economic security of households of color, poor households and a stalling middle class.
