The Compounding, Self-Fulfilling Prophecy of Government Growth at the Expense of Markets

Lately, there has been a growing anti-capitalism sentiment in the United States. A recent Harvard University study found that a majority of 18-29 year olds reject capitalism and exactly one-third (33 percent) said that they support socialism. There has been much speculation as to why the country is shifting away from its foundational economic system towards the system that has grown globally popular in the wake of the fall of state-instituted Marxism. However, it is my belief that the problem with these speculations is in their premises, not in the…

How the Tax Code Can Help Bridge the Racial Wealth Gap

As a volunteer income tax preparer in the Bronx, I’ve worked with residents whose adjusted gross income often drops below the federal poverty line. Many of them are black, and their tax returns usually involve one or two sources of wage income or Social Security benefits. Rarely have they accumulated interest or capital gains, so their wealth is all but non-existent. Unfortunately, this is the story for many black households who hold up to nearly 13 times less wealth than their white counterparts. For them, though, tax season is not…