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John,
The racial wealth gap is getting worse.
The Trump-GOP tax scam, passed in late 2017, handed nearly 80% of its benefits to white households, while Black households received just 5% of the benefits. This has exacerbated racial wealth inequality with the median white household income sitting at about $189,000 compared to just $24,000 for Black households.[1]
But there is something we can do.
Americans for Tax Fairness is fighting for a tax system where we tax wealth like work so the ultra-wealthy pay their fair share of taxes on all of their income, just like working people.
This is not only supported by President Biden, but also widely supported by the American people.
Check out our latest infographic below, then click here to share it on Facebook to show how our rigged tax system is contributing to centuries of systemic racism.
Wealth, which rests mostly in white hands, is generally taxed at a much lower tax rate, if at all. For example, when someone sells stocks or a business, the top tax rate is just 20% compared to the top income tax rate of 37%. But it’s only taxed if sold, and the very rich often don’t need to sell their assets to live lavishly; they can borrow to do that.[2]
Another example is the Estate Tax, which has been severely weakened in recent years and serves as the only curb on the accumulation of dynastic wealth. This has allowed large fortunes—which reside almost exclusively in white families—to grow even larger over the generations, further widening the racial wealth gap.
And, thanks to decades of disinvestment in the IRS, people making $20,000 a year are just as likely to get audited as a millionaire. It takes a lot more staff to audit the very rich because they have legions of lawyers and accountants to help them avoid paying what they owe.
When we start making corporations and the wealthy start paying their fair share of taxes we create a more equitable tax system, and we raise the revenue needed to help working families afford healthcare, childcare, education and housing opening up so many more opportunities to do well in life.
Click here to share our latest infographic on Facebook to combat the racial wealth gap and fight for a tax system that taxes wealth like work.
Thank you for all that you do to create a more just tax system that puts working people first.
Andrea Haverdink
Digital Director
Americans for Tax Fairness
[1] "Improving the Measurement of Racial and Ethnic Disparities in the Survey of Consumer Finances," Board of Governors of the Federal Reserve System, June 21, 2021
[2] "Biden would tax wealth like work by reforming capital gains taxes," Americans for Tax Fairness, April 28, 2021
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