Wealth Gap
Child Tax Credit Expansion Would Shrink the Racial Wealth Gap
November 21, 2022 • By ITEP Staff
Extending the expanded Child Tax Credit would benefit nearly every child in low- and middle-income families. Under current rules, 24% of white children, 45% of Black children, and 42% of Hispanic children will not receive the full credit in 2023 because their families make too little. These figures would drop to zero if the provisions were extended, helping families of all races and disproportionately helping families of color.
How the Inflation Reduction Act’s Tax Reforms Can Help Close the Racial Wealth Gap
September 20, 2022 • By Brakeyshia Samms, Joe Hughes
Lawmakers have many opportunities to pass reforms that will make our tax code fairer and further reduce racial inequity in our economy. The Inflation Reduction Act is a great step forward; better taxing wealth and income from wealth and expanding targeted refundable tax credits would build on this progress.
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