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MyBlack® Wealth
Wealth gap grows between black and white AmericansA new study has found that the gap in wealth between white and black Americans increased by more than four times between 1984 and 2007. Source: BBC News Posted: Tuesday, May 18, 2010The study released by the Institute on Assets and Social Policy (IASP) found that African-Americans who earn substantial incomes have been unable to increase their net worth. In 23 years, the gap rose by $75,000 (£52,000), from $20,000 to $95,000. The study suggested these figures reflected public policy in the US. IASP found that public policies in the US benefited the wealthiest people, through tax cuts on investment income and inheritances, and disadvantaged others through discrimination in housing, credit and labour markets. "There continues to be a persistence of racial segregation," said Thomas Shapiro, IASP director and co-author of the paper. Mr Shapiro said that racial segregation operated by limiting the value of property in a community that is primarily African American, in comparison to a community that is predominantly white.
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