(from the Nonprofit Quarterly) The country's already-gaping racial wealth gap is on track to widen further in the years ahead, adding to the challenges facing independent schools seeking a racially and socioeconomically diverse student population.
This and other interpretations come from "The Road to Zero Wealth: How the Racial Wealth Gap Is Hollowing Out America's Middle Class," a joint report by two Washington nonprofit think tanks. It predicts that if current household wealth trends continue, at least half of black households will have a negative net worth by 2053, with Latino households hitting the same threshold 20 years later. Looking ahead just to 2020, a continuation of current trendlines would give white households 86 times more wealth than black households, and 68 times more wealth than Latino households.
What needs to happen to slow or reverse the trends? The report's authors say to change the federal tax code, which dedicates some $677 billion to subsidize primarily upper-income households through items like deductions for mortgage interest, property tax and retirement savings.
Read more at the Nonprofit Quarterly.
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