Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

‘Taxpayers bring their racial identity onto their 1040’: White families are reaping over 90% of the benefit from this powerful tax rule
Marketwatch ^ | Jan 23, 2023 | Andrew Keshner

Posted on 01/24/2023 5:13:20 AM PST by where's_the_Outrage?

TAXWATCH Tax season is starting for all Americans — but the tax code’s provisions play out very differently for white families compared to families of color, new research says.

The tax benefits from some of the most advantageous parts of the federal income-tax code accrue disproportionately to white families, according to Treasury Department findings that show the broader implications of dry tax rules.

White families are pulling in more than 90% of the tax benefits that come from lower tax rates for capital gains, more than 90% of the tax benefits from itemized charitable deductions and 90% of the deduction attached to qualified business income — all while representing an estimated 67% of families, researchers said.

In the tax breaks for homeownership, white families take in 84% of tax benefits from the mortgage interest deduction, said researchers in the Treasury Department’s Office of Tax Analysis.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: 1040; taxpayers; workingpeople
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-67 next last
What crap. It's not race, it's whether you're working, saving, and actually paying taxes.
1 posted on 01/24/2023 5:13:20 AM PST by where's_the_Outrage?
[ Post Reply | Private Reply | View Replies]

To: where's_the_Outrage?

So....this information is only available to White people?


2 posted on 01/24/2023 5:15:03 AM PST by rbg81
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

is it “institutional racism” if the law itself doesn’t exclude or discriminate in who uses it?

How did Asian’s fare in the use of this tax rule?

Is the problem possibly cultural?


3 posted on 01/24/2023 5:16:28 AM PST by z3n (Kakistocracy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

So paying taxes is RACIST!

WE MUST STOP IT IMMEDIATELY!......................


4 posted on 01/24/2023 5:18:15 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

If they know you are white — you will be slated for an audit.

If they know you are a politically corrected class — no audit for you.


5 posted on 01/24/2023 5:18:23 AM PST by George from New England
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

Here we go. “Racism” behind every bush.


6 posted on 01/24/2023 5:20:16 AM PST by fwdude (Society has been fully polarized now, and you have to decide on which pole you want to be found.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

I wonder what percentage of Black/Hispanic actually pay income taxes? While many don’t benefit from these deductions, I bet a lot of them actually pay no income taxes or get an earned income tax credit.

Of course, the article won’t discuss that.


7 posted on 01/24/2023 5:20:43 AM PST by rbg81
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

Capital gains is often just a recapture of inflation when an asset is held for a long term. If the asset went up slower than the dollar you are paying income taxes on an asset that lost value.


8 posted on 01/24/2023 5:21:58 AM PST by ChronicMA
[ Post Reply | Private Reply | To 1 | View Replies]

To: rbg81
"So....this information is only available to White people?"

Actually, it's far more restrictive than that. It's only available to people who graduated from high school after actually learning read'n rit'n and 'rithmatic there, and then getting an actual long-term job that earns them enough to pay taxes. The skin-color demographics of that group is well known.

9 posted on 01/24/2023 5:23:10 AM PST by norwaypinesavage (Once you predict children will no longer see snow, you can’t now claim snow proves you are right)
[ Post Reply | Private Reply | To 2 | View Replies]

To: where's_the_Outrage?

Gee, let’s play the victim card this way:
What percentage of IRS audits are done by race ?


10 posted on 01/24/2023 5:24:32 AM PST by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

Another reason to go with the Fair Tax or a consumption tax. Stop pitting one group against the other!

But THIS is what gives them power, so you know it will never happen.


11 posted on 01/24/2023 5:25:44 AM PST by unixfox (Abolish Slavery, Repeal the 16th Amendment)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rbg81
From the article:

For the earned income tax credit (EITC), a tax credit geared at low- and moderate-income working families, Hispanic households make up 15% of all families, but take in 28% of the EITC’s benefits. Black households represent 11% of all families, but receive 19% of the EITC’s benefits.
12 posted on 01/24/2023 5:27:29 AM PST by where's_the_Outrage? (Drain the Swamp. Build the Wall.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: rbg81

Truth is racist and sheiit…


13 posted on 01/24/2023 5:28:06 AM PST by EEGator
[ Post Reply | Private Reply | To 7 | View Replies]

To: where's_the_Outrage?

Question - I have donated quite a bit to different shops that benefit charities and different animal rescues. They ask if I want a receipt and I always say no as I didn’t think I would hit that threshold where I could use it for a tax deduction. How much do you need to donate before hitting that where it matters?


14 posted on 01/24/2023 5:31:51 AM PST by Cowgirl of Justice
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

We all know that every tax year white people sit down and think about race when they do their taxes. /s

What a crock of crap,


15 posted on 01/24/2023 5:32:20 AM PST by dforest (Joy Behar is a big mouth cow.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

how do they know the race of the taxpayer?


16 posted on 01/24/2023 5:33:16 AM PST by joshua c (to disrupt the system, we must disrupt our lives, cut the cable tv)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dforest

1) Do whites pay more or less income tax than non-whites?
2) Do whites receive more or less in welfare benefits than non-whites?


17 posted on 01/24/2023 5:34:35 AM PST by brookwood (Government discriminates against you, and if you complain, calls you a racist.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: where's_the_Outrage?

How can you benefit from tax breaks if you don’t pay taxes...


18 posted on 01/24/2023 5:34:44 AM PST by Chauncey Gardiner
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cowgirl of Justice

A lot more than most people can donate.

That said, the Clintoons took a tax break for donating Slick’s underpants.


19 posted on 01/24/2023 5:34:51 AM PST by dforest (Joy Behar is a big mouth cow.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Chauncey Gardiner

If people don’t pay taxes they still get monsterous benefits and they didn’t pay a dime into it.


20 posted on 01/24/2023 5:36:47 AM PST by dforest (Joy Behar is a big mouth cow.)
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-67 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson