Connect with us

Economics

Opinion: Economic Recovery Zones; Boom or Bust?

Published

on

God on Wall Street

Rev. Curtis O. Robinson, Sr.

When Pres. Trump signed into law the overreaching tax cut in 2017, what was suspected was true in that wealthy American elites received another break.

According to an article in Time magazine, “The biggest benefits, though, go to the top 1 percent, who are projected to receive an average tax break of $62,000 in 2018, while the middle one-fifth of income earners got an average tax cut of $1,090 — about $20 per biweekly paycheck.”

So, once more, the wealthiest Americans received help that they really didn’t need.

It is true that the economic recovery has been strong since the great recession of 2007-2009. But when we see the level of homelessness in major urban settings, it doesn’t look like a recovery at all. It looks more like people continuing to fall through the cracks of the richest country in the world.

Unemployment is low in most of America, but in places like Stockton, Oakland, and Youngstown, OH, unemployment is still quite high. I have heard that unemployment in East Oakland is close to 8%, while the state of California lists unemployment at 4.2%, and the rest of the national average is 3.5% to 3.8%.

Somewhere cradled in the Trump tax cut is a piece of legislation called the Economic Opportunity Fund. This fund is designed to reach into economically deprived areas and allow investors to roll over their capital gains from the stock market.

Typically, when investors sell their stocks or bonds, the gains from the principal investment get taxed as capital gains. However, because of a Republican Congress, the rich get a chance to get richer.

Instead of selling and being taxed on profits, investors can now put that money to work into places in the U.S. to help rebuild these neglected communities. East and West Oakland  are prime examples of an Economic Recovery Zone.

The potential could be tremendous, as this pot of gold is said to contain more than $1 trillion in it. The wealthy get an opportunity to make tax-free investments once more if they leave their investment in tact for five to 10 years.

At 10 years, there is no tax at all. We can only hope that this will help because poor people continue to hurt, while rich folk continue to have “champagne wishes and caviar dreams.”

Curtis O. Robinson, Sr.

Curtis O. Robinson, Sr.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

California Black Media

Controller Malia Cohen Convenes Auditors from Counties Across California

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

Published

on

California State Controller Malia Cohen. File photo.

By Bo Tefu, California Black Media

California State Controller Malia Cohen welcomed auditors from across the state for the 79th Annual County Auditors Conference, a three-day event and award ceremony hosted in Santa Cruz.

The state controller honored the award recipients by celebrating their excellence in producing accurate financial data.

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

In her opening remarks, Cohen emphasized the significance of collaboration between her office and the county auditors.

“I want to congratulate all of the counties receiving today’s County Financial Transactions Reporting award,” stated Cohen. “Your county’s diligence in reporting is critical for my office to produce accurate local government financial data, which is of vital importance to policymakers, researchers, and constituents throughout California. Thank you for your contribution to the quality and transparency of public finances.”

Cohen also moderated a panel discussion featuring Assemblymember Gail Pellerin and Department of Finance Director Joe Stephenshaw. The panel addressed critical topics such as the upcoming state budget, technological advancements, and anticipated fiscal challenges for local governments in the coming fiscal year.

In addition, Cohen recognized counties that received the California State Controller Financial Transaction Reporting Award, highlighting the importance of accurate and timely financial reporting.

More than 40 counties won the coveted Financial Transaction Reporting Award, celebrating their commitment to excellence in financial management. Counties that won an award include Alameda, Contra Costa, Los Angeles, and Sacramento.

Continue Reading

Activism

Oakland Post: Week of October 30 – November 5, 2024

The printed Weekly Edition of the Oakland Post: Week of October 30 – November 5, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Business

Special Interview: Rep. Barbara Lee Discusses Kamala Harris’ Plan for Black Men

On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote. “She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.” The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour.

Published

on

(File Photo) U.S. Congresswoman Barbara Lee (D-13-Oakland) chides Justices on the Supreme Court of the United States for voting to strike down Affirmative Action. She is shown here speaking in front of the California Reparations Task Force in Oakland on May 6, 2023. CBM photo by Antonio Ray Harvey. By Edward Henderson, California Black Media
(File Photo) U.S. Congresswoman Barbara Lee (D-13-Oakland) chides Justices on the Supreme Court of the United States for voting to strike down Affirmative Action. She is shown here speaking in front of the California Reparations Task Force in Oakland on May 6, 2023. CBM photo by Antonio Ray Harvey. By Edward Henderson, California Black Media

By Edward Henderson, California Black Media

Last week, the Kamala Harris campaign released its Opportunity Agenda for Black Men.

On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote.

“She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.”

The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour:

 

  1. Provide 1 million loans that are fully forgivable to Black entrepreneurs and others disadvantaged groups to start businesses.
  2. Champion education, training, and mentorship programs that help Black men get good-paying jobs in high-demand industries It will also develop more accessible pathways for Black men to become teachers.
  3. Support a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.
  4. Launch a National Health Equity Initiative focused on Black men that addresses sickle cell disease, diabetes, mental health, prostate cancer, and other health challenges that disproportionately impact them.
  5. Legalize recreational marijuana and creating opportunities for Black Americans to succeed in this new industry.

“[Vice President Harris] knows that Black men have long felt that too often their voice in our political process has gone unheard and that there is so much untapped ambition and leadership within the Black male community,” the language in the agenda states. “Black men and boys deserve a president who will provide the opportunity to unleash this talent and potential by removing historic barriers to wealth creation, education, employment, earnings, health, and improving the criminal justice system.”

Diving into Harris’ agenda, Lee says, reminded her of her own record of supporting Black men over the years as an elected official. In the 90’s, she established the first California Commission on African American Males through which she pressured the state to address urgent economic, health and social challenges specific to Black men.

“No group of people are a monolithic group of people,” said Lee She’ s not taking any vote for granted. I’ve known her over three decades and I believe she is being herself. She’ s authentic,” Lee added.

Each of the 5 key points addressed in the Harris Campaign’s agenda, Lee says, has additional clauses that can potentially help Black men and their families thrive. This includes lowering rent; up to $25,000 in downpayment help for first time homebuyers; and cutting taxes for Black men in lower-wage jobs by increasing the Earned Income Tax Credit maximum to $1,500.

“I think the messages is one of empowerment for Black men — regardless of whether they’ re a blue-collar worker, if they’ re not working, if they’ re in business, if they’ re an entrepreneur, whatever background or whatever they’re doing or experiencing life. I think the authenticity of their experience can only be articulated through them,” said Lee.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Kieron Slaughter. Photo courtesy of the City of San Pablo
City Government19 hours ago

San Pablo Appoints New Economic Development and Housing Manager

Richmond Fire Department Chief Aaron Osorio. Courtesy photo.
City Government19 hours ago

Aaron Osorio Rises Up Ranks to Become Richmond’s Fire Chief

Congresswoman Barbara Lee
Barbara Lee20 hours ago

Congresswoman Barbara Lee Reflects on Historic Moment Less Than One Week from Election Day

Mayor Sheng Thao
Bay Area20 hours ago

Oakland Awarded $28 Million Grant from Governor Newsom to Sustain Long-Term Solutions Addressing Homelessness

Alameda County Deputy District Attorney Jennifer Kassan. Courtesy photo.
Bay Area20 hours ago

Pamela Price Appoints Deputy D.A. Jennifer Kassan as New Director of Community Support Bureau

Oakland Mayor Sheng Thao,
Bay Area20 hours ago

Oakland Mayor Sheng Thao’s Open Letter to Philip Dreyfuss, Recall Election’s Primary Funder

Reviver founder and Chief Strategy Officer Neville Boston attended the Sacramento Kings' season opener at Golden 1 Center, witnessing players debut the company's patch. Reviver proudly supports the Sacramento Kings' community and diversity, equity, and inclusion initiatives. Photo by Antonio Ray Harvey, California Black Media (CBM).
Business21 hours ago

Sacramento Kings and Black-Owned Digital License Plate Firm Enter History-Making Partnership

iStock
Bay Area21 hours ago

Poll Shows Strong Support for California’s Controversial Prop 36 Crime Initiative

From left to right: Incumbent Mia Bonta (D) is running in Assembly District 18 (Oakland); Kevin Lincoln (R), Mayor of Stockton, is challenging incumbent Josh Harder (D) in Congressional District 9)(Stockton); and Lateefah Simon (D) is running in Congressional District 12 (Oakland).
Bay Area22 hours ago

NorCal Election Preview: Black Candidates on Your Gen Election Ballot 

Tony Cokes. Photo courtesy of the John D. and Catherine T. MacArthur Foundation
Art22 hours ago

Brown University Professor and Media Artist Tony Cokes Among MacArthur Awardees

iStock
Antonio‌ ‌Ray‌ ‌Harvey‌22 hours ago

Black Leaders, Political Orgs, Sound Alarm About Project 2025

On Oct. 23, President Joe Biden nominated Judge Benjamin Cheeks to California Federal District Court Judgeship.
California Black Media23 hours ago

Biden Appoints Black San Diego Attorney to California District Court Judgeship

Office of the Civil Rights Staff and CBM Representative. Courtesy Photo.
Activism23 hours ago

Stop-the-Hate Message Shared with Tens of Thousands at Calif’s Largest Black-Themed Street Festival

State Superintendent of Public Instruction Tony Thurmond (Courtesy Photo)
California Black Media23 hours ago

On Your November Ballot: Prop 2 Seeks to Modernize Public Education Facilities

NAACP State Conference President Rick Callender (right) engages in a discussion on voter engagement and community advocacy with NAACP President and CEO Derrick Johnson during the 37th NAACP California-Hawaii State Convention in Los Angeles. Photo by Rich Woods.
Activism1 day ago

NAACP California-Hawaii State Convention Highlights Black Voter Engagement, and More

Activism1 month ago

Oakland Post: Week of September 25 – October 1, 2024

Some of the leaders who spoke at the Respect Our Vote – No Recalls!” mass meeting were (left to right): Elaine Peng, Mariano Contreras, Pastor Servant B.K. Woodson, and Stewart Chen. Photo by Ken Epstein.
Activism1 month ago

‘Respect Our Vote’ Mass Meeting Rejects Oakland, Alameda County Recalls

Photo courtesy of Dana Lang.
Bay Area1 month ago

Former Mayor Willie L. Brown Endorses Dana Lang for BART Board District 7

The encampment policy prohibits camps in “high sensitivity areas” such as schools, businesses, walkways, recreational centers, and parks.
Bay Area1 month ago

Mayor Sheng Thao Issues Executive Order to Shut Down Homeless Encampments

iStock Photo
California Black Media1 month ago

Study: UC 4-Year Grad Rate Doubles That of CSU

iStock
Business1 month ago

Google’s New Deal with California Lawmakers and Publishers Will Fund Newsrooms, Explore AI

Alameda County Democratic Party Chair Igor Tregub explained their club's recall position by saying, "Mayor Sheng Thao has consistently demonstrated her commitment to Oakland’s values, including economic justice, housing affordability, and public safety."
Alameda County1 month ago

Alameda County Democratic Party Opposes the Recall of Mayor Sheng Thao

At the State of Black California event in Sacramento on Sept. 14. From left to right: Asm. Corey Jackson (D-Moreno Valley), Asm. Chris Holden (D-Sacramento) and Asm. Mia Bonta (Oakland).
Bay Area1 month ago

State of Black California: Oakland Tour Stop Rescheduled

Right to left: Kimberly Mayfield; Carrie J. Clark; Carol R. Dixon; Nichole Starr Jordan, Shawn E. Simmons, Lauren N. Peebles. Courtesy photo
Bay Area1 month ago

Oakland Xi Gamma Omega Honors the Chapter’s First Regional Director

Wikimedia image.
Bay Area1 month ago

A’s Last Game in Oakland Ends Baseball Team’s 57-Year Tenure Congresswoman Barbara Lee’s Efforts to Save Team Blocked by GOP-Controlled House

Screenshot from Presidential Debate.
Commentary1 month ago

Opinion: In First Presidential Debate, Harris Exposes Trump’s Inadequacies

Attending the unveiling of the monument to the late Dr. Maya Angelou were, from left, Dr. Gina M. Fromer, CEO Glide Foundation; San Francisco Mayor London Breed, Rosa Johnson, (Angelou’s niece); Ralph Remington, San Francisco director of Cultural Affairs; Lava Thomas, artist and creator; Denise Bradley-Tydus, former interim director of Cultural Affairs; San Francisco Poet Laureate Genny Lim, and San Francisco City Librarian Michael Lambert. Photo by Linda Parker Pennington.
Art1 month ago

Phenomenal Woman’ Maya Angelou Monument Unveiled at San Francisco Main Library

LeRonne Armstrong and Richard Johnson. Photo Credit: Jonathanfitnessjones
Bay Area1 month ago

Oakland at Its Best… A Glimpse: Uniting the Community and Supporting Future Generations

iStock.
Alameda County1 week ago

Alameda County District Attorney Pamela Price Announces $7.5 Million Settlement Agreement with Walmart

iStock
Community1 month ago

California’s Aging Services Offer Valuable Resources for Older Adults

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.