It’s official: the U.S. tax code worsens racial disparity in America
David Elliot,
January 27, 2023
For some time, human needs advocates and many economists have maintained that the U.S. tax code discriminates on the basis of race and ethnicity by increasing disparities between families with wealth – more often White families – and families without wealth. Now, for the first time ever, a U.S. Treasury Department study has confirmed these suspicions: White Americans disproportionately benefit from a variety of tax breaks, including those aimed at investors.
Who does inflation hurt most? From 2021 to 2022, the ground shifted.
David Elliot,
January 26, 2023
When inflation began ravaging Americans’ pocketbooks and wallets in early 2021, it was middle-income Americans who mostly bore the brunt. That’s because inflation then was in part driven by gas costs and a shortage of used cars, which led to higher prices. Americans with low incomes, while hurt, were affected slightly less. Last year, that changed, according to a new report by the New York Fed.
America’s inequality problem in one statistic
CHN Staff,
January 20, 2023
If you work for a big corporation, there’s a very good chance your boss has already raked in more cash than you will all year. If the typical CEO of a large U.S. corporation clocked in at 9 am on January 2, by 3:37 pm that afternoon he’d made $58,260 — the average annual salary for all U.S. occupations. In less than seven hours on the first workday of the year, that CEO made as much as the average U.S. worker will make all year long.
Why new consumer protection agency rule must include EBT account holders
David Elliot,
January 19, 2023
It began, in part and strangely enough, with a banana. Entrepreneur Jimmy Chen hoped to develop software that would make it easier for people with low incomes to apply for SNAP benefits. While conducting research and interviews and studying how poor people shop, he noticed people buying one very cheap item – often a banana – so that they could find out their Electronic Benefits Transfer (EBT) balance, which was printed on their receipt.
A stronger IRS helps make our tax system fairer for families
Julia Beebe,
January 18, 2023
As tax filing season begins, you may be wondering about recent efforts to strip the IRS of billions of dollars of funding. Last week, House Republicans voted to rescind the $80 billion in new IRS funding included in the Inflation Reduction Act of 2022. While this cut will not ultimately be enacted (the Democratically-controlled Senate will not pass the bill and President Biden has indicated he would veto it), it brings attention to the critical need for more – not reduced – IRS funding.
