Heitkamp, too, elides the reality of the racial wealth gap: Perhaps a few successful entrepreneurs and their families could benefit from the loopholes, but the overwhelming majority of Black and Hispanic Americans cannot. Research from Brookings shows that Black Americans, who represent 14 percent of the population, constitute only 2.2 percent of the nation’s 5.7 million employers. Black businesses bring in average revenue of $1,031,021 compared with $6,485,334 for non-Black businesses, and pay their employees an average of $29,882 compared with non-Black average pay of $51,357. Whatever the rhetoric about the “emerging entrepreneurial class,” the typical Black business would not benefit from the stepped-up basis rule.
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