#NNPA BlackPress

New Report Exposes Tax System’s Role in Widening Racial Wealth Gap, Calls for Urgent Reforms

NNPA NEWSWIRE — The message from Color of Change and Americans for Tax Fairness is clear: America’s tax system is broken, and without immediate reforms, the racial wealth gap will continue to widen. “Addressing the insidious racial preferences in our tax code is one of the most direct ways we can not only help Black communities grow here and now but for generations to come,” concludes Color of Change Managing Director Portia Allen-Kyle.

Published

2 years ago

September 10, 2024

Stacy M. Brown

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Color of Change, the nation’s largest online racial justice organization, and Americans for Tax Fairness released a damning report Thursday exposing the deep racial inequities entrenched in the U.S. tax system.

The issue brief “How Tax Fairness Can Promote Racial Equity,” written by Color of Change Managing Director Portia Allen-Kyle and Americans for Tax Fairness Executive Director David Kass, exposes the systemic flaws in tax policy that have widened the racial wealth gap and prevented economic mobility for Black, brown, and Indigenous communities.

The report urgently calls for sweeping reforms to stop the flow of tax benefits to the wealthiest Americans — who are overwhelmingly white — while offering concrete solutions to make the tax code work for everyone, not just the top 1%.

“An equitable tax system does two things,” Allen-Kyle asserted. “It narrows the racial wealth gap from the bottom up and spurs economic mobility for Black, brown, and Indigenous individuals and families. Our current tax code fails on both accounts. It’s a prime example of how so-called ‘colorblind’ systems actively prevent Black families from building generational wealth and economic security.”

Tax Code Deepens Racial Disparities, Experts Say

The brief pulls no punches in describing how current tax policies disproportionately benefit wealthy white families, further deepening racial inequalities. By giving preferential treatment to wealth over work, the system locks in economic advantages for white households while leaving communities of color to bear the brunt of these inequities.

“Our tax system is not only failing to address racial wealth inequality, it’s exacerbating it,” Kass warns in the report. “We privilege wealth over work, fail to adequately tax our richest households and corporations, and allow inherited fortunes to compound unchecked by taxation. This perpetuates a legacy of racial inequality.”

The racial wealth gap has exploded in recent years, with the median wealth gap between Black and white households jumping from $172,000 in 2019 to over $214,000 in 2022. Economic crises such as the Great Recession and the COVID-19 pandemic further entrenched these divides, benefiting the already wealthy, while leaving Black, brown and Indigenous communities further behind.

The Racial Wealth Gap and Homeownership

Homeownership, long touted as a primary means of building wealth in America, has failed to deliver for Black families. The report points to factors such as biased home appraisals and a regressive property tax system as key reasons why Black homeowners have been unable to accumulate wealth at the same rate as their white counterparts.

As the brief notes, with critical provisions of the Tax Cuts and Jobs Act (TCJA) set to expire, now is a pivotal moment for tax reform. “We have a once-in-a-generation opportunity to reform our tax system to address racial inequality,” the report states, comparing recent monumental legislation like the Bipartisan Infrastructure Law and the Inflation Reduction Act.

Three Key Reforms to Tackle Racial Inequity

The report lays out three central reforms aimed at curbing the wealth concentration among the ultra-rich and dismantling the racial inequities baked into the tax code:

Taxing Wealth Fairly: The report calls for equalizing the tax rates on wealth and work. Currently, capital gains — profits from investments — are taxed at a far lower rate than wages earned by working people, a disparity that overwhelmingly benefits white households. The vast majority of capital gains income flows to white families, who comprise only two-thirds of taxpayers but receive 92% of the benefits from lower tax rates on investment income.
Strengthening the Estate Tax: The estate tax, which is supposed to curb the accumulation of dynastic wealth, has been weakened over time, allowing large fortunes — primarily held by white families — to grow even larger across generations. The report calls for stronger enforcement of the estate tax to prevent the further entrenchment of wealth and power within a small, overwhelmingly white elite.
Targeting Tax Deductions to Benefit Lower-Income Households: Deductions for mortgage interest, college savings, and retirement accounts disproportionately benefit wealthier, predominantly white households. In order to prevent lower-income and minority households from falling behind due to policies that are currently biased in favor of the wealthy, the brief advocates for restructuring these deductions.

Biden-Harris Administration and Senate Proposals for Change

Both the Biden-Harris administration and Senate Finance Committee Chairman Ron Wyden have proposed addressing the racial wealth gap.

The Billionaire Minimum Income Tax (BMIT) and the Billionaire Income Tax (BIT) would ensure that the wealthiest Americans — who often go years without paying taxes — contribute their fair share. These proposals would raise over $500 billion in revenue over the next decade, which could be reinvested in healthcare, education, and housing for communities of color.

As the report points out, our current tax system is skewed in favor of the ultrawealthy. It allows the rich to avoid paying taxes on the increased value of their investments unless they sell them. They often borrow against these growing fortunes, further delaying taxation, which allows white billionaires to accumulate vast wealth while paying a fraction of what working families pay in taxes.

Defending IRS Funding to Hold the Wealthy Accountable

The report also highlights the critical need to defend IRS funding, restored under the Inflation Reduction Act, which is essential for cracking down on wealthy tax cheats.

Contrary to Republican claims, this funding will not increase tax enforcement on households earning less than $400,000. Instead, it will improve customer service and expand the Direct File program, saving taxpayers significant time and money.

The Biden administration’s restored IRS funding is expected to raise an additional $100 billion over the next decade by ensuring the wealthiest Americans and corporations pay what they legally owe.

A Call for Urgent Action

The message from Color of Change and Americans for Tax Fairness is clear: America’s tax system is broken, and without immediate reforms, the racial wealth gap will continue to widen.

“Addressing the insidious racial preferences in our tax code is one of the most direct ways we can not only help Black communities grow here and now but for generations to come,” Allen-Kyle concludes.

Stacy M. Brown

Posts by Stacy M. Brown

Up Next

California Assembly Passes Sex Trafficking Bill

Don't Miss

California Legislature Passes Law to Protect Incarcerated Pregnant Women

Stacy M. Brown

Click to comment

#NNPA BlackPress

2026 Lucid Air Grand Touring Review — Is This $136K EV Sedan Worth It?

AUTONETWORK ON BLACKPRESSUSA — Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, but it still feels elegant instead of trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

Published

1 week ago

May 3, 2026

Oakland Post

The 2026 Lucid Air Grand Touring is the kind of luxury EV that makes people stop and ask a simple question: Is this really better than a Tesla Model S, Mercedes EQS, or BMW i7? At $136,150, it has to do more than look futuristic. It has to feel special every time you get in it.

Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, yet it still feels elegant rather than trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

Inside is where the Air Grand Touring really makes its case. The 34-inch Glass Cockpit Display and retractable Pilot Panel screen give the cabin a clean, modern look that still feels different from other EVs. The Tahoe Extended Leather and Lucid Black Alcantara headliner lifts the sense of occasion, and the front seats are a highlight. They are 20-way power-adjustable, heated, ventilated, and include massage. That matters because luxury buyers at this price expect comfort first.

Rear passengers are not ignored either. You get 5-zone heated rear seating, a rear center console display, and power rear and rear side window sunshades. Add in the Surreal Sound Pro system with 21 speakers, and the Air feels like a true long-distance luxury sedan.

Lucid also gives this car serious EV hardware. The dual-motor all-wheel-drive system, 900V+ charging architecture, and Wunderbox onboard charger are big talking points. Buyers in this segment care about range, charging speed, and everyday ease, not just raw performance. That is where the Lucid continues to stand out.

On the technology side, the Air Grand Touring includes DreamDrive Premium, with 3D Surround View Monitoring, Blind Spot Warning, Automatic Park In and Out, Automatic Emergency Braking, and a Driver Monitoring System with distracted and drowsy driver alerts. This one also has DreamDrive Pro, which adds future-capable ADAS hardware.

There are still some real-world annoyances. Based on your notes, the windshield wiper control is hard to find and use, and that matters more than people think in a high-tech car. When controls become less intuitive, even a beautiful interior can feel frustrating.

Still, the 2026 Lucid Air Grand Touring succeeds where it matters most. It feels luxurious, advanced, comfortable, and thoughtfully engineered. For buyers who want an EV sedan that feels truly premium and less common than the usual choices, this Lucid makes a very strong case.

AutoNetwork helps serious car shoppers inspect any new vehicle online before walking into a dealership. I’m Roosevelt — I’ve been reviewing cars and shaping digital car buying and credit union auto leasing since before YouTube car reviews existed.
You’ll find detailed walkaround reviews, POV test drives, and buyer-focused breakdowns covering comfort, space, features, and real-world value.
How to use the channel:

Watch the walkaround of the car you’re considering
Visit AutoNetwork.com for the full review
Check CouponsOffersAndDeals.com for current dealer specials
Walk in already knowing what you want — and what it should cost

Live talk show “AutoNetwork Reports” — Thursdays 3:00 PM ET.
AutoNetwork.com
CouponsOffersAndDeals.com
Affiliate disclosure: some links earn a small commission at no cost to you and help support the channel. Insta360 is one of those partners.

Oakland Post

Posts by Oakland Post

#NNPA BlackPress

Snoop Dogg Celebrates 10 Til’ Midnight at the Compound

LOS ANGELES SENTINEL — The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles.

Published

1 week ago

May 3, 2026

admin

Snoop Dogg celebrated the premiere of 10 Til’ Midnight at his Inglewood recording studio & multipurpose facility, The Compound, but the night felt like much more than an album release. It felt like Los Angeles. It felt like legacy. And it felt like another major move from one of the city’s greatest cultural architects as he continues to prove that he is not just dropping music — he is building moments, shaping narratives, and pushing the culture forward in real time.

What made the event so powerful was the clarity behind the vision. During a panel conversation with DJ Hed, Snoop opened up about the heart behind 10 Til’ Midnight, explaining that the project was created to help bridge older and younger generations while also speaking to the long-standing divisions between Bloods and Crips in a unique way through film. That alone gave the project a different kind of weight. This was not just about songs. This was about using creativity as a tool for connection. This was about taking a story rooted in Los Angeles and telling it in a way that could bring people together.

Snoop Congratulated By Rapper & Fellow 10 Til Midnight Cast Member G Perico (CreativeLB/KreativeKapturez)

The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles. The film was shot in the city, including at WePlay Studios in Inglewood, which gave the entire project an even deeper hometown feel. It was not just a West Coast story in content — it was a Los Angeles-made production from the ground up.

That matters because, in a city like this, authenticity still carries weight. Snoop understands how to make sure that what he creates does not just represent Los Angeles on the surface, but actually comes from it.

What also makes 10 Til’ Midnight significant is that it represents another major step in Snoop’s evolution as both an artist and executive. Public reporting around the project identifies it as his 22nd studio album, but the bigger story is what it represents in this season of his life. This is one of several consecutive moves he has made in his 50s that show he is still building, still expanding, and still finding new ways to reinvent what the next chapter looks like.

Snoop Dogg at the Premiere of 10 Til Midnight (CreativeLB/KreativeKapturez)

Now, as the head of Death Row Records and the newly aligned leader of Death Row Pictures, he is taking the brand into a new dimension. That is what made this moment feel bigger than music. Snoop is not just protecting the legacy of Death Row — he is stretching it. He is expanding it beyond records and into film, visual storytelling, and larger creative worlds that can continue carrying the label’s impact forward. Public reporting has noted that this project arrives as part of that broader cinematic push.

That is a major Los Angeles move because the city has always been built on the intersection of music, film, neighborhood identity, and cultural storytelling. With 10 Til’ Midnight, Snoop is leaning all the way into that intersection.

The room at The Compound reflected that. It felt like a private premiere, but it also felt like a statement — a reminder that Snoop Dogg’s staying power has never been based only on nostalgia. It comes from his ability to remain connected, remain visionary, and remain in tune with how to move the culture without losing the essence of who he is.

That is why this premiere mattered. It was not just about celebrating another album. It was about witnessing a Los Angeles legend continue to evolve, continue to unify, and continue to use art to tell stories that hit deeper than entertainment alone.

In that sense, 10 Til’ Midnight became more than a project launch. It became another example of how Snoop Dogg is still taking Los Angeles to the next level — using music, film, and legacy together to build something bigger than a moment.

admin

Posts by admin

#NNPA BlackPress

OP-ED: Small Businesses Need Minnesota to Act on Pass-Through Tax Policy

MINNESOTA SPOKESMAN RECORDER — A Twin Cities immigrant entrepreneur who built several businesses including grocery stores in underserved neighborhoods is calling on Minnesota lawmakers to extend the Pass-Through Entity tax option before it expires, warning that its loss would hit small businesses already recovering from Operation Metro Surge with higher federal tax bills.

Published

1 week ago

May 3, 2026

admin

A Twin Cities Small Business Owner Is Urging Minnesota to Extend a Tax Policy That Could Save Thousands of Businesses

By Daniel Hernandez | Minnesota Spokesman Recorder

I came to the United States as a teenager with a clear goal: to build something meaningful through hard work. I put in long days in construction, restaurants, and landscaping; doing whatever it took to learn, save, and eventually start my own business.

Over time, I built and ran several successful ventures, including an event photography company, a magazine, a tax and accounting firm, and now grocery stores serving neighborhoods across the Twin Cities where other retailers chose not to invest. I’ve created jobs, supported families, and committed to communities that deserve stability and opportunity.

That’s why I’m speaking out now.

Small business owners in Minneapolis and the communities we serve are recovering from serious disruptions, including the impacts of Operation Metro Surge. That event hit immigrant communities especially hard. In my own case, I lost nearly half of my 60 employees and saw revenue drop by about 85%. While I worked to provide competitive wages, health benefits, and paid time off, the real hardship fell on the people who lost their jobs and income.

Even as we rebuild, small businesses are facing another challenge. The Minnesota Legislature is considering letting an important tax policy expire: the Pass-Through Entity tax option.

Here’s what that means in plain terms.

Many small businesses, including mine, are pass-through businesses. That means the business itself doesn’t pay income tax. Instead, the owners report the income on their personal tax returns. But under current federal rules, there’s a limit on how much state tax we can deduct. That often leads to higher federal tax bills.

The Pass-Through Entity option fixes that. It allows the business to pay the state tax directly, which means the business can fully deduct those taxes on its federal return and lower the total amount of income taxed federally. The result is straightforward: small business owners pay less in federal taxes, without reducing what the state collects.

This policy is not new or controversial. Thirty-six states already offer it. It doesn’t cost Minnesota anything, it’s revenue neutral. And it benefits more than 66,000 businesses across the state.

In a state where the cost of doing business is already high, it’s hard to understand why we wouldn’t offer the same basic tax treatment as states like California and Illinois.

Small businesses have carried a heavy load in recent years, through a pandemic, rising costs and public safety disruptions. We’ve adapted, reinvested and stayed committed to our communities. What we need now are practical policies that support that work, not make it harder.

If the Minnesota House does not act soon, many businesses will face significantly higher federal tax bills. That’s money that could otherwise be used to hire workers, raise wages or reinvest in local neighborhoods.

I urge Gov. Tim Walz and members of the House Tax Committee to pass House File 3127 and extend the Pass-Through Entity election.

Small businesses are the backbone of our communities. We’ve proven our resilience. Now we need our state leaders to show the same commitment to us.

Daniel Hernandez is the owner of Colonial Market located at 2100 E. Lake St.

Excerpt:

Photo Captions:

Website Tags and SEO Keywords:

Twitter (X) Tags and Handles: