A new Treasury Department analysis comes during the start of the 2023 tax filing season.
Tax season is starting for all Americans — but the tax code’s provisions play out very differently for white families compared to families of color, new research says.
White families are pulling in more than 90% of the tax benefits that come from lower tax rates for capital gains, more than 90% of the tax benefits from itemized charitable deductions and 90% of the deduction attached to qualified business income — all while representing an estimated 67% of families, researchers said.
The analysis was the first of its kind, according to an online post from Lily Batchelder, assistant secretary for tax policy, and Greg Leiserson, deputy assistant secretary for tax analysis. No confidential data was disclosed in the research process, they said. Read more: ‘There is a penalty for being Black’: How present-day racism devalues Black people and their property — and what to do about it
One part of the discrepancy, Brown said, is that “Wall Street doesn’t think of Black Americans as potential customers.” Another ingredient is the higher likelihood that higher-earning Black Americans are more likely to be financially supporting other members of their family — which gives them less money to invest in the stock market or elsewhere, Brown added.
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