Developed by Seabourne Consulting, experts in Asset and Wealth Building Policy Guide

Asset and Wealth Building Policy Guide

Copyright
2021
Published Date
04/20/2021
Published By
Well Being In the Nation Network

There is a large wealth gap in the United States. Typical White households hold 10 times the wealth of typical Black households. Black families with kids have a single penny in wealth for every dollar that White families with kids have. And White high-school dropouts have on average higher net worth than Black college graduates. Even when they earn very high incomes, many Blacks end up with far less wealth than their White peers. That’s in part because Black workers tend to offer more financial support to relatives. It is also because Black kids are more likely to need big student loans to pay for college. All these things add up to less money in a savings account or in the stock market. The means there is less money to pass along to children.  


Today’s racial wealth inequality is due to years of government policy. This gap is not from different actions and choices of Black and White individuals. For example, our tax system leads to racial wealth inequality. The U.S. doesn’t have significant taxes on inheritances, so White people’s wealth passes down through generations. The home-mortgage interest deduction also benefits White people who are more likely to own homes. The college-savings program also benefits White families who are more likely to save for and attend college. Beyond taxes, fines-and-fees policing, for instance, impact Black Americans more than Whites.

The below policies would help reduce the wealth gap between Black and White Americans.

Resources & Tools


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Increase Matched Savings Account Programs
Resource - Policy Brief
Published on 04/16/2021
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Implement a Good Neighbor Next Door Program
Resource - Policy Brief
Published on 04/16/2021
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Expand Job-based Retirement Benefits
Resource - Policy Brief
Published on 04/16/2021
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Reform Government Fines and Fees
Resource - Policy Brief
Published on 04/16/2021
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Provide Relief for Medical Debt
Resource - Policy Brief
Published on 04/16/2021
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Encourage Saving for College Through a Children’s Savings Account
Resource - Policy Brief
Published on 04/16/2021
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Increase Access to Banks
Resource - Policy Brief
Published on 04/16/2021
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Expand Shared Equity Programs for Homebuyers
Resource - Policy Brief
Published on 04/16/2021
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Implement Post Office Banking Services
Resource - Policy Brief
Published on 04/16/2021
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Expand Chances for Tenants to Purchase Homes
Resource - Policy Brief
Published on 04/16/2021
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Expand Housing Counseling
Resource - Policy Brief
Published on 04/16/2021
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Implement Portable Job Benefits
Resource - Policy Brief
Published on 04/16/2021
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Implement Baby Bonds
Resource - Policy Brief
Published on 04/16/2021
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Expand Down Payment Assistance for Home Buyers
Resource - Policy Brief
Published on 04/16/2021
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Student Debt Cancellation
Resource - Policy Brief
Published on 04/16/2021

Data & Metrics


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Advancing Equitable Economies Policy Library
Library
Published on 04/20/2021