HOW THE TAX CODE HELPS THE WEALTHY PROSPER - While Leaving Women and People of Color Behind

HOW THE TAX CODE HELPS THE WEALTHY PROSPER While Leaving Women and People of Color Behind The tax code increasingly rewards extreme wealth, shields it from taxation, and allows it to grow larger across generations. [...] Because of the preferential rates and loopholes available to the very wealthy, the current tax system (while progressive overall) enables enormous amounts of wealth to be accumulated by very few—who tend to be white and male. [...] In contrast, white households and white men and 2020, the value of a share of Amazon are more likely to have wealth (including inheritances, stock, stock increased from $1,847 to $3,256—and and homes), and to have more of it. [...] The tax code rewards wealth, and thus helps to widen First, Rob benefits from when and how and if ever his gender and racial wealth gaps. [...] loopholes to reduce the size of their estates and lower the • R ob can afford to buy a home, and the tax code allows him amount of estate taxes they will owe.