Well, the most direct translation that keeps most of the literal meaning that I can come up with is: "We're still allowed to say that, right?", and is usually uttered after someone took issue with an overtly racist or otherwise discriminatory comment that had been made - but that translation misses all of the "punch" of the German phrase and instead sounds rather wimpy and defensive. Because the devil is in the details here - the German phrase is not a question, it's more of a rhetorical question in nature, that is presented as an emotionally charged exclamation. The emotional component of the phrase is more like: "How dare you suggest that it was not okay for me to make that statement!"
As such, that phrase is simultaneously a defense of the statement that was made before (which I think is represented in the translation), but in the subtext it is also an aggressive move that emotionally implicates the opposition of having committed an injustice to the person by accusing them of being a racist for making a statement that is, in the mind of the person who said it, self-evident.
But even that explanation still misses half of the nuances that are going on with that phrase.
Anyway - in public discourse, the phrase is known as one of the "catchphrases" associated with the far right, far right sympathizers, and the "I'm not a racist!"-racists. A phrase that has become a joke to those who see through the scheme, but it sounds extremely attractive to people who are the least bit open to what these people have to say. Dumb people fall for it, intelligent people use it to justify their bigotry to themselves and each other.