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Kylie Patterson, Senior Policy Manager, CFED – Closing the Racial Wealth Divide

Kylie Patterson of the CFED presents on Closing the Racial Wealth Divide at Neighborhood Partnerships' 2016 RE:Conference

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Kylie Patterson, Senior Policy Manager, CFED – Closing the Racial Wealth Divide

  1. 1. Closing the Racial Wealth Divide 2016 Re:Conference Kylie Patterson, Sr. Program Manager Racial Wealth Divide Initiative @kyliepatt kpatterson@cfed.org
  2. 2. Ever-Growing Gap • It would take Latino families 84 years to amass the same amount of wealth White families have today. • Black families would not reach wealth parity with White households until the year 2241. That means Black families will not reach wealth parity with White households for 228 years.
  3. 3. The Future of the Racial Wealth Divide
  4. 4. Median Household Wealth
  5. 5. Current Wealth-Building Policies Benefit Wealthy Households In the past 20 years, the federal government has spent more than $8 trillion through tax programs to help families build long-term wealth.
  6. 6. Federal Interventions: •Conduct an evidence-based, government-wide audit of Federal Policies to understand the role current federal policies play in perpetuating or closing the racial wealth divide •Fix unfair, upside-down tax incentives to ensure households of color also receive to support to build wealth •Address the distorting influence of concentrated wealth at the top through the expansion of existing progressive taxes and exploration of a dedicated wealth tax
  7. 7. Bridging Racial Wealth Inequality with the Racial Wealth Audit
  8. 8. Eliminating Student Loan Debt
  9. 9. What would happen if we invested in CSAs for all children at $7,500?
  10. 10. What would happen if we invested in CSAs for all children at $30,000?
  11. 11. Raising College Graduation Rates
  12. 12. Equalizing Homeownership
  13. 13. The Racial Wealth Divide Is Different All Over the Country To view the Profiles visit: www.cfed.org/rwd
  14. 14. The Racial Wealth Divide in Oregon
  15. 15. Racial Wealth Divide in Oregon
  16. 16. Unemployment by Race in Oregon
  17. 17. Four-Year Degree by Race
  18. 18. Home Ownership By Race in Oregon
  19. 19. State Interventions: •Conduct an evidence-based, government-wide audit of Oregon State Policies to understand the role current Oregon policies play in perpetuating or closing the racial wealth divide •Maintain and increase funding for Children's Savings Accounts to support more households of color in either starting a business or pursuing higher education •Increase the support for first-time and low-income home buyers
  20. 20. Programmatic Intervention to Address the Racial Wealth Divide
  21. 21. Build High Impact Nonprofits of Color Project • Assist in developing high-impact nonprofit organizations of color focused on advancing economic opportunity nationally; • Build an understanding of the intersection of income, assets and the racial wealth divide; • Establish networks across sectors to have lasting local influence and advance social change; • Improve relationships between organizations of color, local organizations and asset-building institutions; and, • Equip organizations of color to become leading voices in local and national asset-building dialogues and decisions.
  22. 22. Intervention: Build High-Impact Nonprofits of Color Project
  23. 23. Bridging the Racial Wealth Divide https://www.facebook.com/ racialwealthdivide/ https://soundcloud.com /rwdpodcast http://cfed.org/programs /racial_wealth_divide/ Find us online! Racial Wealth Divide
  24. 24. Closing the Racial Wealth Divide 2016 Re:Conference Kylie Patterson, Sr. Program Manager Racial Wealth Divide Initiative @kyliepatt kpatterson@cfed.org

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