The U.S. income tax system is arguably one of the biggest contributors to wealth inequality as it is subsidizing higher-income households to build assets while providing limited benefits to low and moderate income families.
Closing, or even narrowing, the wealth gap in the years ahead will require changing tax policies, so that household savings and investment incentives are accessible to those who are the least economically mobile.
View this Strategy Spotlight, Building Wealth Through Tax Reform: Opportunities for Grantmakers, written by Asset Building Strategies founder, Heather McCulloch, to engage with information about state tax reform efforts and the catalytic role philanthropy can play to take these efforts to scale.
