National Black Chamber of Commerce endorses tax cut plan

National Black Chamber of Commerce endorses tax cut plan
December 04 17:49 2017 Print This Article

The National Black Chamber of Commerce (NBCC) has come out in favor of the tax cut plan which has worked its way through the House and the Senate. NBCC President Harry Alford said, “For the first time in decades, we have a bold, pro-growth tax reform plan that will set the stage for increased investment, job creation, and higher wages.” Alford also suggested that the plan to reduce the corporate income tax from 35% to 20% will have a positive impact on worker pay. The NBCC represents 64,000 member businesses.

A recent column in the Washington Examiner by Diante Johnson notes that the median income for African-American households in 2016 ($39,490) was about $2000 per year less than it was in 2000. He cited a Small Business Administration report that minority-owned small business produced $1.4 Trillion in revenue last year and employed more than 7 million workers. Black unemployment currently stands at 10.3%, more than twice the national average.

The House and Senate bills differ slightly and passed with no Democrat votes. Both nearly double the standard deductions for individuals and married couples and increase the child tax credits. They both lower the corporate income tax rate to 20% and lower most individual tax rates (with exception being the House bill, which retained the 39.6% rate for the top earners). The House and Senate will reconcile the differences in their bills in conference committee and bring the compromise version to a vote. President Donald Trump expects the final legislation to reach his desk before Christmas.

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