“Closing the Black wealth gap is not a job,” said the founder of The RLJ Cos. “It’s giving us more access to wealth sustainability.”
Car affordability, for example, would dramatically reduce the 401 cash-outs that Black Americans have to make when they change jobs, Johnson told CNBC. Mandating all companies to implement auto affordability would over a generation put more than $1 billion of into Black Americans' retirement savings, he added.
"Closing the Black wealth gap is not a job. It's not giving us more consumption money to spend. It's giving us more access to wealth sustainability," Johnson said., D-W.Va., said he wouldn't vote for the bill, which needs every Senate Democrats' support to become signed into law. The legislation has already passed the House. Biden recently said he plans to break up the bill to first pass spending of more than $500 billion to tackle climate change.
The bill proposes to provide $30 billion to companies that invest in businesses owned by people of color, and give tax deductions to those who eventually sold their shares in those businesses once they became valuable. Johnson also said he's put his advocacy for reparations on the backburner, saying that neither side of the political aisle has offered strong support for the idea.
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