“Economist Says Reparations To Black Americans Would Total $13 To $14 Trillion
Duke economist Dr. William “Sandy” Darity estimates that the funds would close the racial wealth gap and eliminate race-based government restitution.”
By Jamila Bey
January 13, 2023 / 4:54 PM
“The American Economic Association held its annual conference last week, and featured the latest work of Duke University professor of public policy Dr. William “Sandy” Darity. He’s the leading Black economist on Black wealth and reparations. His 2020 book, “From Here to Equality: Reparations for Black Americans in the Twenty-First Century,” has shaped all the conversations about reparations to the descendents of Africans who were stolen from their homes and enslaved in the US.
Crunching the numbers, the economist reckons that it will cost between $13 and $14 trillion to repair the financial harm of excluding Black Americans from full citizenship in the US for some 247 years. Darity says that the racial wealth gap that persists to this day for those whose ancestors were enslaved must be remedied by raising the level of Black assets to a level sufficient to match the average net worth of white Americans.
According to Marketwatch, Darity insists this is the “central task” of a just reparations policy that could produce the material conditions for full citizenship for Black Americans.
By Darity’s calculations, the racial wealth gap exceeds an average of $300,000 per person, and there are about 40 million Black Americans who are the descendants of enslaved Africans.”
I’ll take mine as a direct deposit to my checking and savings accounts…
I presume that reparations given as cash payments would be taxed as ordinary income at the rate of about 30% or one third.
There’s no way that that kind of money would be distributed by the U.S. government tax free with no IRS claw-back strings attached…
If, as a result, I were entitled to a refund, I would request that said refund be donated to an appropriate non-profit entity and check the box accordingly…
Finally, I would make the suggestion that any reparation cash payments distributed on request, be made to the oldest black Americans first for obvious or even glaring reasons….