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BET Founder Robert Johnson Proposes $30B Tax Incentive For Investors Who Invest In Black-Owned Businesses

BET’s founder is demanding a change when it comes to Black wealth! Robert Johnson, also the founder of The RLJ Companies, has proposed a new program that would change the way Black-owned businesses gain access to capital. The Better Opportunity and Outcomes for Socially Disadvantaged Talent (BOOST) Act is based on the FCC Tax Certificate Policy which was created in the 1970s as an effort to increase minority ownership of media properties, according to PR Newswire. It is a response to the historic problem of attracting capital, specifically “strategic equity” capital, that Black business owners and socially disadvantaged minorities face — something that has long affected them since before the COVID-19 pandemic. “The biggest challenge to racial equality in our nation is the glaring wealth chasm between Black and white American families,” said Johnson in a news release. “To close that gap, there must be a commitment to finding a workable solution to the lack of capital in the Black...

Apr 26, 2021