Please join us for a unique funder convening on September 6, 2018 from 2pm to 5pm ET at the 2018 Prosperity Summit at the Gaylord National Resort and Convention Center: Advancing Racial and Gender Equity Through the Tax Code: Tax Credits and Beyond.
This meeting, co-hosted by the EITC Funders Network, the Asset Funders Network (AFN), Closing the Women’s Wealth Gap Initiative, Grantmakers Concerned with Immigrants and Refugees (GCIR), Grantmakers Income Security Taskforce (GIST), and the Philanthropic Initiative for Racial Equity (PRE), is free of charge and open to foundation representatives and philanthropic advisors only.
Below are just a few of the many resources we’ve found helpful in thinking through the intersections between the tax code and racial, gender, and immigrant justice:
Hidden Rules of Race are Embedded in the New Tax Law
Issue Brief by Darrick Hamilton and Michael Linden, Roosevelt Institute | 05.23.18
The federal tax code is one of the most powerful tools of economic policymaking, housing critical rules that govern our economy. As such, it is also home to a set of hidden racial rules that, through intention or neglect, provide opportunities to some communities and create barriers for others. In an issue brief, Roosevelt Fellows Darrick Hamilton and Michael Linden explain the four major ways that the new tax law will harm people of color: by exacerbating disparities in both income and wealth; through expected increases in local fines and fees; and from an enormous revenue loss that will undermine the public sector-and millions of black workers along with it.
Webinar hosted by the Asset Building Policy Network | 03.27.17
This Asset Building Policy Network (ABPN) held an interactive webinar in March 2017 on the racial wealth divide and the role that tax policies play in driving this ever-growing gap. The discussion focused on policies like the EITC that are helping to combat the racial wealth gap and actions we can take to ensure the tax code is helping those who need the most help building wealth. Download the webinar and additional resources.
Fact Sheet by CLASP | 04.25.18
The White House is reviewing a proposal that would change longstanding “public charge” policy—forcing immigrant families to make an impossible choice between meeting basic needs and keeping their families together in this country. This fact sheet describes public charge, how it would harm health and wellbeing, and what you need to know if you work with immigrant families.
Webinar hosted by the Tax Policy Center | 09.7.17
As Congress takes up tax and immigration reform, it is critical to understand the experience of immigrants as they interact with and move through the US tax system. From establishing credentials to starting a small business to navigating shifting Social Security number and Taxpayer Identification Number requirements for tax credits, immigrants face challenges that have broad implications for tax administration and tax policy. In addition, over the next few decades, immigrants will become a larger part of the nation’s workforce and will be taxpayers who help determine the fiscal health of our country. As policymakers consider overhauling our immigration system and potentially halving the flow of immigrants, it will be important to know what this could mean for the country’s bottom line. This webinar features leading practitioners from advocacy and government organizations discussing the challenges immigrants face and how current policies and possible changes would affect the one in four Americans who are immigrants or children of immigrants.
Report by Janet G. Stotsky, University of Minnesota | 11.28.17
This report examines income taxes from a gender-differentiated perspective. Global tax codes based on individual filing can contain explicit gender bias in several different ways, including explicitly assigning different tax rates to male and female taxpayers, permitting tax preferences only for male or female taxpayers, or assigning joint business or asset income only to males. In the United States, there is no such explicit gender bias in the personal income tax code…Implicit gender biases are a different story. The implicit bias in the U.S. personal income tax arises because women and men differ systematically in the ways they earn and spend income. That is, behavioral differences mean the tax code inevitably reflects and can enforce gender bias.
Report by Heather McCulloch, Closing the Women’s Wealth Gap Initiative | Updated January 2017
While the pay gap between men and women is widely discussed, the wealth gap is even more pronounced: single women own 32 cents for every dollar owned by men, with women of color owning pennies to the dollar. This report from the Closing the Women’s Wealth Gap Initiative discusses the systems and dynamics that generate this gap, including disparate access to business equity and home ownership opportunities. The author recommends tax reforms that make wealth building subsidies more accessible to women of color in particular, as well as strategies like cooperative ownership and more flexible savings account options.
Report by Heather McCulloch, Asset Funders Network | 11.28.17
Increasingly, national, state, and local funders are supporting work to advance progressive, equitable, and inclusive tax policies. This brief shines a light on these tax reform efforts. It highlights the catalytic role of philanthropy and suggests new ways that funders can engage to take these efforts to scale.
By Lewis Brown, Jr. and Heather McCulloch, PolicyLink | 2014
In theory, tax code–based public subsidies should help all families save and invest, but instead, wealthier households receive most of the benefits. In fact, a recent analysis of the largest wealth- building tax subsidies found that the top 1 percent of households received more benefits from these tax code–based subsidies than the bottom 80 percent combined. This brief answers key questions about tax expenditures: What are they, how do they work, and who benefits? In addition, since the Internal Revenue Service (IRS) does not collect tax data by race, the primer uses data related to the distribution of benefits by income quintiles and the demographics of each quintile to provide a rough approximation of how different racial and ethnic groups do or do not benefit from the different categories of tax expenditures.
The Tax Alliance for Economic Mobility, chaired by Prosperity Now, convenes racial justice advocates, asset-building advocates, tax reform experts, and researchers to identify near- and longer-term policy priorities to expand savings and investment opportunities for lower-income households through reform of the U.S. tax code. The coalition lays out a series of policy reforms, including a focus on tax credits.