Racial Wealth and Income Inequality
Join us for this special event featuring Francine J. Lipman, William S. Boyd Professor of Law at the University of Nevada, Las Vegas.
Thursday, April 20, 2023 @ 1:00PM
Virtual Event via Zoom (details sent after registration)
Cost: No charge
Contact: Eva Plaza, evisland@aol.com
Did you know that US wealth inequality is the worst among developed countries? Francine J. Lipman, William S. Boyd Professor of Law at the University of Nevada, Las Vegas will discuss how low and moderate-income families suffer higher effective state and local tax rates compared to their higher-income neighbors, especially in “low-tax” states that rely heavily on sales taxes versus income taxes, and generally how the tax system discriminates against lower-income families and minorities.
The U.S. has lower tax rates than nearly all OECD countries. The top marginal tax rate is 37% today. At the same time, the IRS has disproportionately audited Black households at several times the rate of non-Black households. Moreover, the IRS audit rates for top-tier earners decreased by 69% from 2010 to 2017, while audit rates for lower-income earners decreased by only 36%. Fortunately, with an increase of $80 billion over ten years and a new IRS Commissioner, Congress has charged the IRS with a modernization plan and an audit plan consistent with racial equity.
Virtual Event Instructions: