Press Releases

Today, the Chairman of the Congressional Black Caucus (CBC), Congressman Cedric L. Richmond (D-LA-02), released the following statement on the Republican tax bill:

“The Congressional Black Caucus is still reviewing the Republican tax bill like everyone else because it was drafted behind closed doors without our input. But from what we’ve seen so far, one thing is crystal clear: This bill was drafted to help the richest of the rich and hurt underserved communities. In fact, this bill likely benefits President Trump directly, which we could confirm if he had released his tax returns as every President in modern history has done.

“The bill cuts taxes for major corporations who already pay far less than their fair share. Republicans claim that economic growth will more than pay for the lost revenue but we’ve tried this before. When trickle-down economics fails again and this bill explodes the nation’s deficit, Republicans will call for huge spending cuts to critical programs that hardworking Americans depend on to make ends meet.

“Republicans chose under this bill to eliminate the New Markets Tax Credit (NMTC) program, which incentivizes investment in underserved communities. Over the years, this program has pumped billions of dollars into African-American communities – money that was matched by the private sector – and created good-paying jobs and spurred economic development.

“Massive spending cuts coupled with a repeal of economic development incentive programs like NMTC will devastate African-American communities for generations to come.  

“Republicans tout their proposal as a victory for middle class families, but it is insulting to offer an African-American family a few hundred dollars in tax relief while giving major corporations and Trump’s 1 percent a multi-million dollar windfall. We are facing a crisis of wealth and income disparities in America and Republicans have the audacity to propose a modern day reverse Robin Hood tax system that will only widen the gap between the haves and the have-nots.

“Why shouldn’t rich people pay taxes on their inheritance and other assets? Why shouldn’t we create an incentive for investment in underserved communities? What makes Republicans think trickle-down economics will work this time when it has failed in the past? These are questions Republicans need to answer for the American people, who they’ve conveniently cut out of this process.”