Our taxes can worsen the racial wealth gap, experts say. Some critics say it might also have to do with the demographics of the tax code’s authors, who have traditionally been wealthy white men.
National protests after George Floyd’s videotaped killing in police custody are spotlighting disparities between the experiences of black Americans and white Americans that go beyond their treatment by law enforcement.
“ ‘The tax code amplifies those disproportionate gaps that already exist, based on the way our economy works and the way our society treats African Americans.’ ” “ ‘For people starting with less assets, which on average Black and Hispanic households are, it is harder to access these benefit in the tax code.’ ”
Capital gains taxes are a good deal for people who invest in the stock market Ordinary income, like a wage, is taxed between 10% and 37% depending on the amount. Capital gains, such as stock sale proceeds, are taxed between 0% and 20% . Estate tax laws tend to favor white families Americans are poised to inherit almost $765 billion in 2020, according to one New York University Law School professor’s estimate. But white families will benefit more, in terms of inheritance size and the tax laws surrounding them.
In its current form, the federal estate tax law is “rendered almost useless except for a handful of estates,” Newville said. There’s a link between estate tax and rising inequality, he said. Black and Latinx taxpayers combined are 40% of all those who are eligible for the credit, according to the Brookings Institution.
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