Eliminating exclusions halts the cycle where white wealth compounds while black wealth shrinks

Evidence

The no-exclusions rule is straightforward: All income is taxable. If you sell your home, you pay taxes on the gain from the sale; if you inherit a piece of property, you pay taxes on its fair market value. You are taxed on your total wage income, including whatever portion goes into a retirement account (whether employer-provided or self-funded). Current exclusions, as we’ve seen, privilege white taxpayers with existing wealth at the expense of black taxpayers without it. Huge federal deficits are created even as the preferential rate remains low. By eliminating all exclusions, we can halt the cycle in which established white wealth continues to grow, and black wealth continues to diminish. — Dorothy A. Brown, The Whiteness of Wealth, 522