A DC Wealth Tax Could Provide Relief For Black Residents
Washington, DC is a city rife with economic inequality, especially on the basis of race. Black residents have watched outgoing Mayor Muriel Bowser slash away at critical social safety net programs while federal tax cuts further enrich the city’s wealthy elite, expanding a racial wealth gap that leaves the working class shouldering the burden of economic inequality.
Local advocacy groups and lawmakers aiming to end this inequitable economic system are calling for a wealth proceeds tax, which is a surcharge on passive income like capital gains or dividends.