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From the President & CEO

Dear Partners and Friends,

A worldwide pandemic. A global economic meltdown. A rolling, national surge in protests demanding racial equity.

Any one of them would test our resilience and sense of common purpose. Instead, we’re facing the strain of confronting all of them at once, setting up a unique opportunity for a national makeover.

The last true transformational moments we faced as Americans were the Great Depression and World War II. We pulled together, and what emerged was an extraordinary run of progress.

However, the old New Deal didn't build an inclusive economy. People of color and indigenous people were left out and locked out of opportunities that contributed to unparalleled prosperity for others.

We now have the chance to address the historical wrongs and develop bold policies and practical solutions to finally create a country that works equally well for everyone. It is time for nothing less than a new New Deal to rebuild America on a footing of equity, opportunity and prosperity for all.

The Prosperity Now Team is working on many fronts to frame the underpinnings of the new New Deal. Just this week, the Prosperity Now Policy Team released a new report highlighting the inequities in the American tax code. The report -- From Upside Down to Right-Side Up: Turning the Tax Code Into an Engine for Economic and Racial Equality [[link removed]] – discusses the ways the tax code largely benefits White households over households of color.

While tax reform may not be top of mind for some, at Prosperity Now we recognize the significant role it plays in perpetuating racism and economic inequality. The federal government spends about $634 billion a year to promote savings, retirement accounts, higher education and homeownership through tax systems. Yet analyzing the tax code reveals that, at every turn, the dollars largely go to wealthy, mostly White households.

In response to other critical issues, we are working on Emergency Aid Disbursements [[link removed]] through grassroots community partners; HomeReserve [[link removed]], a mortgage-match savings initiative for low-income homebuyers, and a fund to assist VITA sites with online service delivery. This week, we launched this year’s Camp Prosperity advocacy bootcamp to help budding and experienced advocates find their place in fighting for policies which will aid their communities. Now more than ever, it is vital that we come together and equip ourselves with the resources needed to advocate with our legislators.

Finally, we are hard at work creating the best experience for our community at the 2020 Virtual Prosperity Summit. [[link removed]] We hope to create a dynamic virtual space where we can learn, share and grow together as an economic opportunity field. From learning labs designed to center participants and peers as thought leaders, to engaging sessions that introduce new skills and critical issues, to inspiring keynote speakers and special networking events and activities, it’s an event you can’t miss! I hope you will be able to join us!

Read on to find out what else Prosperity Now has been working on and how you can get involved. As always, we will continue to stand in solidarity with our partners across the country who are working hard to aid our most vulnerable communities during these tumultuous times and continue to work towards a prosperous future for all.

In Solidarity,

Gary Cunningham

President & CEO, Prosperity Now

Featured Resource

From Upside Down to Right-Side Up: Turning the Tax Code into an Engine for Economic and Racial Equality

From Upside Down to Right-Side Up: Turning the Tax Code Into an Engine for Economic and Racial Equality

While this year’s July 15 Tax Day was a much-needed extension, we should not forget that the federal government’s largest wealth-building tool—our tax code—does little to support the economic needs of everyday households. As discussed in our newly released report— From Upside Down to Right-Side Up: Turning the Tax Code Into an Engine for Economic and Racial Equality [[link removed]]—last year, $634 billion was spent through wealth-building tax programs to promote savings, homeownership, retirement and higher education. Yet from all that spending, a millionaire received an average tax benefit of $160,000 to further build their wealth, while a working family earning under $50,000 received less than $220. Our current tax code, especially after the 2017 tax law [[link removed]], disproportionally benefits White households over households of color. Fortunately, with the nearing expiration of the 2017 tax law, Congress will have an opportunity to make changes that support low- and moderate-income families. The question then becomes, how upside down are our federal tax policies, and what exactly can Congress do to turn them right-side up?

Prosperity Now’s newest Upside Down [[link removed]] report and blog [[link removed]] aim to answer these questions by not only documenting the rising cost of upside-down tax programs, but also showing how we can create a right-side up tax code that helps all households save, invest and build wealth.

Prosperity Now & Citi Foundation Grant $300,000 to the VITA Field to Support Virtual Services

In the last four months, hundreds of Volunteer Income Tax Assistance (VITA) programs have had to move their services online because of the lockdown and social distancing measures brought on by COVID-19. Additionally, the tax filing deadline was moved from April 15 to July 15. This new deadline created a unique opportunity to assist programs and communities during this tax season. Prosperity Now announced the Virtual VITA Technology Fund in May, which was made possible by the generous support of the Citi Foundation. Funds were awarded to 38 VITA programs to purchase essential technology and expand their virtual service delivery outreach, allowing them to reach even more tax filers this season. Read more about this work here [[link removed]].

Operationalizing Racial Economic and Wealth Equity through Programs, Policy and Advocacy

While numerous systematic challenges have created pressures on individuals of color and their families, two stand above most. The first is the racial wealth gap, which today has left Black and Latinx households owning just 10 cents and 12 cents of wealth, respectively, for every dollar of wealth owned by White households. The second is the racial wage gap, which has given way to an income gap that today sees median Latinx and Black individuals earning 37-42% less than their White peers. Taken together, these challenges not only create significant barriers to economic security for generations of communities of color, but also place a heavy burden on service providers, who too often are tasked with addressing complex issues from multiple perspectives—all with the same or fewer resources [[link removed]].

We recognize these challenges and the fundamental truth that community organizations not only know their clients best, but also are best able to amplify their strengths, concerns and issues to create programs and policies that respond to their clients’ needs. Yesterday, the Racial Wealth Divide Initiative (RWDI) released two reports, which provide tools and approaches to help practitioners achieve racial economic equity goals with workforce development programs and public policy advocacy:

Exploring Racial Economic Equity in the Workforce Development [[link removed]] Exploring Racial Economic Equity in Policy Advocacy [[link removed]]

Learn more about the reports here. [[link removed]]

Join us for the 2020 Prosperity Summit!

Register by July 22 [[link removed]] to save your seat (and some money) at the Early Bird rate of only $189. This includes a certificate of completion and 6 months of on-demand access with new content monthly. You can even keep the conversation going post-Summit in the three different networking lounges and/or have the ability to slide into another attendee’s DMs (means direct messages, it’s what the kids are saying). Along with deep-dive learning labs on the field’s most pressing topics, plenaries with changemakers and visionaries, concurrent sessions lifting up the latest tools & ideas for financial well-being, a call-to-action hour guaranteed to inspire; you’ll also have a chance to win prizes through gamification, get the family involved in a secret scavenger hunt, connect with the community during morning yoga (there’s more) or dance to the Sounds of Blackness. REGISTER TODAY [[link removed]] and let’s tackle economic security issues & build pathways to recovery together!

Camp Prosperity 2020

On July 14, we kicked off our four-week 2020 Camp Prosperity advocacy series, where we’ll host weekly virtual learning sessions with advocacy experts to discuss values-based messaging, state budgetary advocacy, election-year advocacy and much more. Registration for Camp Prosperity is still open, so register today [[link removed]]!

I’M HOME Network Anti-Stigma Month

Join the I’M HOME Network on social media through the end of July as we raise awareness and break down the preconceived notions around manufactured housing. We want to showcase its diverse community of homeowners, highlight its modern features and explore how manufactured housing is an attractive and affordable option for millions of Americans. Use the hashtag #RightAtHome2020 to join the conversation!

Prosperity Now in the Media

The Hill: This Tax Day, let's talk about why we need real tax reform [[link removed]]by David Newville, Vice President of Policy & Research, Emanuel Nieves and Joanna Ain, Associate Directors of Policy Money: Black Owned Businesses Saw Growth During the Protests. Here's Why the Support Matters Long-Term [[link removed]] featuring Gary Cunningham, President & CEO MarketWatch: As if things weren't bad enough, millions of taxpayers are desperate for IRS refunds they expected months ago [[link removed]] featuring Rebecca Thompson, Associate Director, Field Engagement & TON Washington Post: Minneapolis had progressive policies, but its economy still left black families behind [[link removed]] featuring Gary Cunningham, President & CEO

Mark Your Calendar

New Crisis, Same Story! Highlighting the Innovations to Racial Economic Inequality from Leaders of Color [[link removed]] – June 10-August 12, 2020

Health and Wealth Network Anniversary and Spotlighting MFP Working Group - July 29, 2020

Understanding Financial Aid and Children’s Savings Accounts [[link removed]] – August 18, 2020

Add the 2020 Prosperity Summit to your calendar [[link removed]] – September 20-October 2, 2020

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