Gross state product would increase by $25 billion over five years if Massachusetts closed its racial divide in wages, housing, investments, and wealth, according to a new report.
Gross state product would increase by $25 billion over five years if Massachusetts closed its racial divide in wages, housing, investments, and wealth, according to a new report.
The business-backed Massachusetts Taxpayers Foundation said its 29-page report marks its first exploration of the issue and statistically documents inequities in wealth, income and employment, education, criminal justice, and health care.
If Black and Hispanic residents graduated from college at the same rate as white peers, the report said, Massachusetts would realize $20 billion over a decade in increased tax revenues and reduced public-assistance spending.
The report found that high school dropout rates for Hispanic students in Massachusetts are four times as high as those for white students and more than double those of Black students. It tracked a median income for Black Boston residents that averaged 45 percent of that for white residents.
Closing racial wealth gap could grow the Massachusetts economy by $25b over five years, according to report bostonglobe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bostonglobe.com Daily Mail and Mail on Sunday newspapers.
Pressure renewed for ‘millionaire tax’ in Massachusetts The Massachusetts State House in Boston. AP FILE PHOTO
BOSTON Advocates renewed their push Wednesday to create a so-called “millionaire tax” in Massachusetts.
The proposed constitutional amendment is needed to help funnel additional dollars into public education, public colleges and universities, and the repair and maintenance of roads, bridges, and public transportation, supporters said.
The proposal is being pushed by Raise Up Massachusetts, a coalition of labor unions, community organizations, and religious groups.
Massachusetts’ communities of color in particular are being harmed by inequitable access to transportation and higher education, Pablo Ruiz, deputy director of the SEIU State Council, said during a press conference Wednesday.