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‘Taxpayers bring their racial identity onto their 1040’: White families are reaping over 90% of the benefit from this powerful tax rule

‘Taxpayers bring their racial identity onto their 1040’: White families are reaping over 90% of the benefit from this powerful tax rule

Tax season is starting for all Americans — but the tax code’s provisions play out very differently for white families compared to families of color, new research says. The tax benefits from some of the most advantageous parts of the federal income-tax code accrue disproportionately to white families, according to Treasury Department findings that show the broader implications of dry tax rules. White families are pulling in more than 90% of the tax benefits that come from lower tax rates for capital gains, more than 90% of the tax benefits from itemized charitable deductions and 90% of the deduction attached to qualified business income — all while representing an estimated 67% of families, researchers said.