Billionaires have long found ways to minimize their tax burdens, using loopholes and financial strategies that allow them to pay far less percentage-wise than everyday Americans. While many assume the ultra-wealthy contribute significantly to the nation’s tax revenue, the reality is that their effective tax rates — what they pay relative to their total wealth — are far lower than those of middle-class and working-class individuals. Their methods to shield their fortunes are legal, yet they contribute to widening economic inequality and an ever-growing fiscal deficit. The disparity between billionaire and working-class tax rates was highlighted in a live chat hosted by The Washington Post. Journalist Jeff Stein responded to a user asking about billionaires paying their fair share in taxes. He pointed out that while billionaires pay large sums in taxes, their effective tax rate remains much lower than that of the average American. He explained that one key reason is the ability of...

Black men are unemployed at a much higher rate than their counterparts — and it’s creating an economic crisis in the country. According to the Atlanta Black Star, Black communities take a hit totaling $50 billion annually in costs due to this unemployment crisis. “Black people need to take this report and take it to their elected official and say ‘You need to do more because you don’t fully realize how big this problem is,’” said Algernon Austin, who authored the study initially published by the Center for Economic and Policy Research. “I’m hoping that this work serves to inspire people, and, frankly, particularly Black men.” And that’s just the beginning of the problems, according to Austin. Using data going all the way back to 2014, he revealed that Black men between the ages of 25 to 54 would have to get nearly a million jobs (947,000, to be exact) to be on par with their non-Black counterparts and close the economic gap. What’s more, if one million of them got jobs and kept...

By this point, the economic effects of the coronavirus aren’t news. If anything, there’s been so much coverage surrounding the topic that it’s hard to ascertain the right thing to do. From job loss to quarantine retail therapy, you may feel like your financial life has been in a tailspin since March. So we put together this post offering several simple steps to help you navigate the coronavirus outbreak and the havoc it may have wreaked on your personal finances. 1. Cut spending When lockdown first went into effect, many of us thought we’d be spending dramatically less — after all, quarantine means we can’t blow our paychecks (or blow off steam) at the local bar or take a luxurious vacation. And while certain types of spending are down, others have risen — including money spent on video streaming, food delivery, gaming, and alcohol, according to a New York Times analysis of data from Earnest Research . If you find yourself with less disposable income these days, it’s important to...