Beneficial State statement on current tax proposals
We believe in a fair shake for everyone, and envision not only a banking industry fair to the person with the least bargaining power, but a society and economy that are too. Notwithstanding our dire need for a tax plan that produces increased equity and local living economies, this ill-conceived tax bill in the main will leave America’s wealthiest as the winners, at the expense of low-income communities. To call out just a few negative consequences, the current tax plan would strip funding from programs proven to benefit the communities we serve as they face crippling and persistent affordable housing shortages. To achieve broader economic prosperity, we must invest directly into low- and middle-income families and individuals and advance equity for our most economically marginalized communities. As a result, we emphatically oppose this tax plan.