How Taxes Keep American Wealth White
1A
NPR
4.3 • 4.5K Ratings
🗓️ 17 January 2022
⏱️ 30 minutes
🧾️ Download transcript
Summary
So what needs to change? And what should people keep in mind as they try to build wealth for future generations?
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Transcript
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| 0:00.0 | This is 1A. I'm Jen White in Washington. |
| 0:11.4 | Want to build your wealth? |
| 0:13.0 | Well traditional advice tells you to buy a house or invest in the stock market, but what |
| 0:17.7 | really helps is being white. |
| 0:19.8 | In 2016 the median wealth of a White household was $171,000 for a Black household just $17,000 |
| 0:27.5 | that's according to the Pew Research Center. |
| 0:30.5 | So what's being done to address it and what can you do to grow your own wealth? |
| 0:35.4 | Joining us now is Michelle Singleteri. |
| 0:37.4 | She's the personal finance columnist for the Washington Post and author of the new book |
| 0:41.8 | What to Do with Your Money When Crisis Hits. |
| 0:44.4 | Michelle it's always great to have you with us. |
| 0:46.2 | Oh thank you for having me. |
| 0:48.2 | And also joining us is Dorothy Brown. |
| 0:50.6 | She's a law professor at Emory University at Atlanta and author of the new book The |
| 0:55.4 | Whiteness of Wealth, How the Tax System in Povercious Black Americans and How we Can Fix |
| 1:00.6 | It. |
| 1:01.6 | Dorothy, welcome to the program. |
| 1:03.4 | Delighted to be here. |
| 1:04.4 | Now you argue that the tax code has exacerbated the disparity between Black and White households, |
| 1:12.4 | but before we get there what do we really mean when we talk about wealth Dorothy? |
| 1:18.0 | Well we talk about what we have to fall back on if we lose our jobs, right? |
| 1:24.5 | What financial resources do we have to weather a storm? |
... |
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