Fiscal Cliff is Devastating for Blacks

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• A median-income African American-headed family of four (earning around $53,000) could see its income taxes rise by $2,200.

• 99 percent of African American families who make less than $250,000 a year would not see an income tax increase under the President’s plan.

o In addition, roughly 2.0 million working African American families and roughly 3.4 million African American children would continue to benefit from the President’s improvements to the Child Tax Credit and Earned Income Tax Credit (EITC).

• An upper-middle-income African American married couple with a 15-year-old at home and a 19-year-old in her second year at a public university; the couple’s income is $120,000.

• A single African-American mother with three young children, ages 11 months to 6 years, working full-time at minimum wage ($14,500 annual income).

Meanwhile, Obama visited a family in Northern Virginia Thursday to hear about what it would mean if their income taxes went up in 2013.  The administration asked families to share their concerns with the administration.

“Tiffany, who is a high school teacher, responded.  Her husband, Richard, works at a Toyota dealership,” Obama said.  “They actually live with Tiffany’s parents, both of whom are still working.  And so what Tiffany pointed out was that an increase of $2,000 or so for her and her husband in this household would actually mean $4,000 that was lost.  And a couple of thousand dollars means a couple months’ rent for this family.”

“For them to be burdened unnecessarily because Democrats and Republicans aren’t coming together to solve this problem gives you a sense of the costs involved in very personal terms,” the president said.  “So the message that I got from Tiffany and the message that I think we all want to send to members of Congress is this is a solvable problem.”

“That’s the right thing to do for our economy,” Obama added. “It’s the right thing to do for families like Tiffany’s and Richard’s.  And it’s very important that we get this done now, that we don’t wait.  We’re in the midst of the Christmas season; I think the American people are counting on this getting solved.”

(Photo: AP)

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9 thoughts on “Fiscal Cliff is Devastating for Blacks

  1. Excuse me Mr. President black people are already in a FISCAL CLIFF or definitely near the bottom!. Mr President: Black people will survive with you or without your assistance. Do you think that 18% or more unemployment is fun or having your net worth wiped out due to the failure of the financial markets or housing crisis! If we must go over the fiscal cliff in order for people to feel what BLACK PEOPLE feel everyday — ROLL TIDE!

  2. Pingback: Defender Network » Blog Archive » Fiscal Cliff is devastating for Blacks » Defender Network

  3. Pingback: The Dr. Vibe Show: Fiscal Cliff Is Devastating For Blacks

  4. Who saw the whole what is black in america stuff. Did you see those white people that are trying to be black. The world has turned around. Now all whites want to be black. And I am not worried about this cliff. Our president will not leave us. He will stand with us. He will make the whites suffer this time.

  5. Pingback: The Fiscal Cliff Is Devastating to Blacks |

  6. Pingback: The Fiscal Cliff Is Devastating to Blacks | TheJusticeTeam

  7. With Black unemployment above 13%, why is Obama focusing on deficit reduction?? if you solve the jobs problem, you solve the deficit problem. We lose when a “democratic” president kowtows to right wing economic dogma. Can’t wait to read this blog after Obama deals away the safety net….

  8. Everything bad affects us the most….I don’t seem to understand this….We are always the ones with the life threatening diseases, we are always the ones to lose out first…..Some needs to tell me why we make the less money, have the highest interest rates, and live in the worst communites….I am no longer convinced that we have done this to ourselves…..Tom Joyner, you are going to have to hire me so I can ask these people these questions…..

  9. President Obama is aware of public mandates. The president is running the rats out of the bilges. Republicans have no choice but to respond favorably to public demands. This so-called inept Chi-town community organizer will dribble the ball until he gets his best shot – an uncontested lay-up.

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