Economic Justice is the idea of creating a fair economy across all income classes. Creating opportunities for all the thrive and build a life without the fear of economic downfall should an emergency occur. Families shouldn’t have to decide between medication, food, or rent.
How can we achieve Economic justice?
One way to achieve economic justice is a fair tax reform that takes less from the working class and puts more who make $510,301 single/married filing separately/Married head of the household or $612,351 married filing jointly. The tax bracket for these individuals is 37%. These individuals would be paying between $188,800-$226,570. Often times there are tax write-offs they would qualify for lowering their tax obligation.
Emancipation Day 1863 Also known as Freedom Day, Jubilee Day, Liberation Day but more commonly known as Juneteenth was supposed to be the start of a new life for the Black Community. Millions of slaves were now free to pursue a degree and earn income and purchase property freely. President Abraham Lincoln officially outlawed slavery across the Union on January 1st, 1863 although it wasn’t enforced until the morning of June 19th, 1865, by Union Major General Gordon Granger when he took command of 2,000 federal troops to enforce the Emancipation of the slaves in Texas. 900 Days went before the slaves of Texas were truly free. Once free the slaves accounted for .5% of the wealth in the United States which at the time was a mere 20 states. In modern times Black Americans account for 1.5% of the wealth. In a 150 year span, just one percent was gained. When Black Americans moved into the city during and after WWI, they were faced with prejudice at every corner from higher rents to fees than White Americans. Slaves fled from the south in hopes of a better life for them and the generations to follow only to have Jim Crow follow them. When trying to finance a home, they would be unable to secure a mortgage. Lack of sustainable growth in their communities led to dilapidated structures and poor living conditions. Federal financial support was not available for those who were farmers and housekeepers often referred to as the help or domestic worker. Fast forward to modern times if you were to drive down the street in an affluent neighborhood seeing a homeowner of color is rare. According to a U.S. Census Survey between 1967 and 2017, the average White American income was $61,372 whereas Black Americans were making $40,258.
After the tragic death of George Floyd, more corporations are standing up against racial inequality and recognizing Juneteenth as a major symbol of equality and not just recognizing Black History Month. In 2020 Nike, Vox Media, Spotify, Lyft, Twitter, Square, and the NFL recognized Juneteenth as a company holiday with more planning on adding it in the near future. Executives see inequality and are finally making a change. Although it doesn’t stop there is more to be done to create equality in the wage war that has been fought for generations. Loopholes in taxes need to be fixed in order to stimulate the economy and the discontinuation of relying on the low-income brackets to fix the economy.
If you are run a Fortune 500 company chances are you know the address 1209 N Orange St, Wilmington, DE. If by chance you aren’t a CEO or president of a large corporation 1209 N Orange St is a two-story building that houses at least 285,000 companies. You may be asking yourself what’s so special about this address? The only thing special about this address is the color of the bricks and the metal plate that shows the CT Corporation logo (Corporate Trust). Delaware is a Tax Haven for large companies. Allowing companies such as Walmart, Coca-Cola, American Airlines, Apple, and Google to avoid Corporate income tax at their locations across the US. If the Deleware Loophole were to be removed this additional tax would stimulate the US economy which in turn would allow the US tax bracket to become less dependent on the lower-income families to make up for the loss.