{"title":"Why Is Wealth White?","authors":"J. Ott","doi":"10.1353/scu.2022.0047","DOIUrl":null,"url":null,"abstract":"Abstract:Racial wealth inequality is no accident of history. Rather, it is the intended result of the southern Democrats in Congress who controlled federal tax policy throughout most of the twentieth century. Beginning in the 1930s, champions of white supremacy, such as Senator Pat Harrison (D-MI), Senator Walter George (D-GA), and Senator Harry F. Byrd, Sr. (D-VA), turned to an ostensibly race-neutral provision of the US income tax code—the preferential treatment of gains from investment—to uphold their (im)moral economy of “whites-only” wealth. After 1965, these segregationists’ successors—particularly Senator Russell B. Long (D-LA) and Senator Lloyd Bentsen (D-TX)—furtively rebuilt and shored up the structure of racial inequality with additional tax breaks (called “tax expenditures”) for investors. Our income tax system embodies—and immortalizes—a Jim Crow–era moral economy of “whites-only” wealth. Thanks to pro-investment tax expenditures, the racial wealth gap has widened over the last four decades as the very richest American households—the white 1 percent—compounded their wealth, at the expense of everyone else.","PeriodicalId":42657,"journal":{"name":"SOUTHERN CULTURES","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"SOUTHERN CULTURES","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1353/scu.2022.0047","RegionNum":4,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HISTORY","Score":null,"Total":0}
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Abstract
Abstract:Racial wealth inequality is no accident of history. Rather, it is the intended result of the southern Democrats in Congress who controlled federal tax policy throughout most of the twentieth century. Beginning in the 1930s, champions of white supremacy, such as Senator Pat Harrison (D-MI), Senator Walter George (D-GA), and Senator Harry F. Byrd, Sr. (D-VA), turned to an ostensibly race-neutral provision of the US income tax code—the preferential treatment of gains from investment—to uphold their (im)moral economy of “whites-only” wealth. After 1965, these segregationists’ successors—particularly Senator Russell B. Long (D-LA) and Senator Lloyd Bentsen (D-TX)—furtively rebuilt and shored up the structure of racial inequality with additional tax breaks (called “tax expenditures”) for investors. Our income tax system embodies—and immortalizes—a Jim Crow–era moral economy of “whites-only” wealth. Thanks to pro-investment tax expenditures, the racial wealth gap has widened over the last four decades as the very richest American households—the white 1 percent—compounded their wealth, at the expense of everyone else.
期刊介绍：
In the foreword to the first issue of the The Southern Literary Journal, published in November 1968, founding editors Louis D. Rubin, Jr. and C. Hugh Holman outlined the journal"s objectives: "To study the significant body of southern writing, to try to understand its relationship to the South, to attempt through it to understand an interesting and often vexing region of the American Union, and to do this, as far as possible, with good humor, critical tact, and objectivity--these are the perhaps impossible goals to which The Southern Literary Journal is committed." Since then The Southern Literary Journal has published hundreds of essays by scholars of southern literature examining the works of southern writers and the ongoing development of southern culture.
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