Most Blacks Won’t Benefit From Tax Reform Gain
(Network Journal) — Original conclusions in “State of the Dream 2011” seemingly point toward beneficiaries of the top-end tax cuts included in the December tax deal. In fact, the report states that Whites are three times more likely than Blacks and 4.6 times more likely than Latinos to have incomes of $250,000 or more, and thus receive a disproportionate benefit from the extension of the Bush tax cuts for top-tier earners. Capital gains income shows similar disparities as documented in the report. Further, the official unemployment rate is 15.8 percent among Blacks and 13 percent among Latinos; Blacks earn only 57 cents for each dollar of White family income, Latinos earn 59 cents; and Blacks have only 10 cents of net wealth while Latinos have 12 cents to every dollar of net wealth that Whites have.