By Tashi McQueen
AFRO Staff Writer
tmcqueen@afro.com
As concerns about economic stability rise amid the current political climate, the Congressional Black Caucus Foundation (CBCF) convened thought leaders to discuss long-term strategies for bridging the racial wealth gap during its 2025 Policy for the People Economic Advancement Virtual Summit, held Oct. 23-30.
The three-part summit, building on the CBCF’s and the Joint Center for Political and Economic Studies’ Forward Together policy initiative, examined solutions in entrepreneurship, tax reform and equitable housing.
Session one focused on how equity-centered tax reform, including fixing audit disparities and enhancing retirement security, can help build Black wealth.
Olugbenga O. Ajilore, chief economist at the Center on Budget and Policy Priorities, argued for making tax credits refundable to aid low-income households.
“If you have refundability, which means that, whatever the full amount of the tax credit is, you get some of that money back as a refund,” Ajilore said. “We saw this during the pandemic, when the Child Tax Credit (CTC) was expanded and made fully refundable. We saw the impact on child poverty.”
The expansion of the CTC through the 2021 American Rescue Plan Act (ARPA) increased the credit’s value to $3,600 for children under 6 and $3,000 for youth aged 6 through 17, up from the previous maximum of $2,000.
According to U.S. Census Bureau data, calculated by the Supplemental Poverty Measure (SPM), the national child poverty rate declined to its lowest recorded level in 2021, decreasing 46 percent from 9.7 percent in 2020 to 5.2 percent in 2021. SPM rates for Black youth saw a significant drop, falling by 17.1 percent, from 25.2 percent in 2009 to 8.1 percent in 2021.
The second session addressed policy solutions to end housing discrimination, improve affordable homeownership opportunities, and ensure housing serves as a bridge toward prosperity for Black Americans.
Nikitra Bailey, executive vice president of the National Fair Housing Alliance, stressed the need for race-conscious policies to counteract historical inequities.
“If we have had thousands of public policies and practices create race-conscious policies to the benefit of White communities, then it’s going to take thousands of race-conscious policies to benefit Black people and give them the equality that they were denied,” Bailey stated.
Bailey added that solving housing discrimination could present “the nation an opportunity to grow the economy by $5 trillion over a five-year period.” She suggested passing the Down Payment to More Equity Act, which would provide up to $25,000 in down payment assistance for first-generation homebuyers across the U.S., significantly helping those without access to generational wealth.
Session three explored how fair access to capital, federal program support, and innovation can help Black entrepreneurs lead in generating wealth, creating jobs, and ensuring lasting economic inclusion.
The summit concluded with a call to action from Nicole Austin-Hillery, president and CEO of CBCF.
“I believe that we are all collectively Nikitra Bailey. We will make a difference in our communities,” Austin-Hillery said, urging attendees to stay engaged with CBCF resources. “I urge you to stay engaged and stay involved with us here at the Congressional Black Caucus Foundation, and to take back what you are learning today into your own communities to be changemakers right where you sit.”