- Highest quintile of earners is calculated before taxes and transfers. Congressional Budget Office (CBO), “The Distribution of Major Tax Expenditures in 2019” (CBO, Washington, DC, October 2021), www.cbo.gov/publications/57413#datak; US Department of the Treasury, “Tax Expenditures FY2024” (US Department of the Treasury, Washington, DC, October 2022), https://home.treasury.gov/policy-issues/tax-policy/tax-expenditures.
- Robert S. Browne, “Wealth Distribution and Its Impact on Minorities,” The Review of Black Political Economy 4, no. 4 (December 1974): 27–38; Maury Gittelman and Edward N. Wolff, “Racial Differences in Patterns of Wealth Accumulation,” Journal of Human Resources 39, no. 1 (Winter 2004): 193–227; Edward N. Wolff, “Household Wealth Trends in the United States, 1962–2016: Has Middle Class Wealth Recovered?” National Bureau of Economic Research Working Paper 24085 (November 2017), http://www.nber.org/papers/w24085; Edward N. Wolff, “Deconstructing Household Wealth Trends, 1983–2013” (working paper no. 22704, National Bureau of Economic Research, Cambridge, MA, September 2016), https://www.nber.org/papers/w22704; Dionissi Aliprantis, Daniel R. Carroll, and Eric R. Young, “The Dynamics of the Racial Wealth Gap” (working paper 19-18, Federal Reserve Bank of Cleveland, Cleveland, OH, October 8, 2019), https://doi.org/10.26509/frbc-wp-201918; and Moritz Kuhn, Moritz Schularick, Ulrike I. Steins, “Wealth Inequality in America, 1949–2016” (Institute Working Paper 9, Opportunity and Inclusive Growth Institute, Federal Reserve Bank of Minneapolis, Minneapolis, MN, June 14, 2018), https://www.minneapolisfed.org/research/institute-working-papers/income-and-wealth-inequality-in-america-1949-2016. Urban Institute, “Racial Disparities and the Income Tax System” (January 30, 2020), https://apps.urban.org/features/race-and-taxes/; Julia Ott, “Tax Preference as Racial Privilege in the United States, 1921–1965,” Capitalism: A Journal of History and Economics 1, no. 1 (Fall 2019): 92–165; Tom Neubig, “Disparate Racial Impact: Tax Expenditure Reform Needed,” Tax Notes Federal 170 (March 8, 2021); Neil Bhutta, Andrew C. Chang, Lisa J. Dettling, and Joanne W. Hsu, “Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances,” FEDS Notes (September 28, 2020); Tax Policy Center, “Tax Benefit of the Preferential Rates on Long-Term Capital Gains and Qualified Dividends, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percent, 2019” (Table T20-137, Tax Policy Center, 2020), https://www.taxpolicycenter.org/model-estimates/individual-income-tax-expenditures-april-2020/t20-0137-tax-benefit-preferential; Chye-Ching Huang and Roderick Taylor, “How the Federal Tax Code Can Better Advance Racial Equity” (Center on Budget and Policy Priorities, Washington, DC, July 25, 2019), https://www.cbpp.org/sites/default/files/atoms/files/7-25-19tax.pdf.
- The term “hidden welfare state” is taken from Christopher Howard, The Hidden Welfare State: Tax Expenditure and Social Policy in the United States (Princeton, NJ: Princeton University Press, 1999). See also Suzanne Mettler, The Submerged State: How Invisible Government Policies Undermine American Democracy (Chicago, IL: University of Chicago Press, 2011); Christopher G. Faricy, Welfare for the Wealthy: Parties, Social Spending, and Inequality in the United States (Cambridge, UK: Cambridge University Press, 2016); William Darity Jr., Darrick Hamilton, Mark Paul, Alan Aja, Anne Price, Antonio Moore, and Caterina Chiopris, “What We Get Wrong About the Racial Wealth Gap” (DuBois Cook Center on Social Equity, Insight Center for Community Economic Development, April 2018), https://socialequity.duke.edu/wp-content/uploads/2019/10/what-we-get-wrong.pdf. For the disproportionate benefits received by white families, see Dorothy Brown, The Whiteness of Wealth: How the Tax System Impoverishes Black Americans—and How We Can Fix It (New York: Crown, 2021); Beverly I. Moran and William Whitford, “A Black Critique of the Internal Revenue Code,” Wisconsin Law Review 751 (1996).
- N. D. B. Connolly, “Strange Career of American Liberalism,” in Shaped by the State: Toward a New Political History of the Twentieth Century, ed. Brent Cebul, Lily Geismer, and Mason B. Williams (Chicago: University of Chicago Press, 2019), 62–95; N. D. B. Connolly, A World More Concrete: Real Estate and the Remaking of the Jim Crow South (Chicago: University of Chicago Press, 2014); Ira Katznelson, When Affirmative Action Was White: An Untold History of Racial Inequality in Twentieth-Century America (New York: Norton, 2006); Suzanne Mettler, Dividing Citizens: Gender and Federalism in New Deal Public Policy (Ithaca, NY: Cornell University Press, 1998); Margot Canaday, Building the Straight State: Sexuality and Citizenship in Twentieth-Century America (Princeton, NJ: Princeton University Press, 2009); Richard Rothstein, The Color of Law: A Forgotten History of How Our Government Segregated America (New York: Liveright, 2017). For the New Deal working through private institutions, see Christy Ford Chapin, Ensuring America’s Health: The Public Creation of the Corporate Health Care System (Cambridge, UK: Cambridge University Press, 2015); Jennifer Klein, For All These Rights: Business, Labor, and the Shaping of America’s Public-Private Welfare State (Princeton, NJ: Princeton University Press, 2003); Martjin Konings, The Development of American Finance (Cambridge, UK: Cambridge University Press, 2011); Louis Hyman, Debtor Nation: History of America in Red Ink (Princeton, NJ: Princeton University Press, 2011); Elisabeth Tandy Shermer, Indentured Students: How Government Guaranteed Loans Left Generations Drowning in Debt (Cambridge, MA: Belknap Press, 2021); Louis Hyman, Temp!: The Real Story of What Happened to Your Salary, Benefits, and Job Security (New York: Penguin, 2019); Brent Cebul, Illusions of Progress: Business, Poverty, and Liberalism in the American Century (Philadelphia: University of Pennsylvania Press, forthcoming).
- The designation “irreconcilable” comes from James T. Patterson, Congressional Conservatism and the New Deal: The Growth of the Conservative Coalition in Congress (Lexington: University of Kentucky Press, 1967). See also Robert Mickey, Paths Out of Dixie: The Democratization of Authoritarian Enclaves in America’s Deep South, 1944–1972 (Princeton, NJ: Princeton University Press, 2015); Brent Tarter, The Grandees of Government: The Origins and Persistence of Undemocratic Politics in Virginia (Charlottesville: University of Virginia Press, 2013); Sean Farhang and Ira Katznelson, “The Southern Imposition: Congress and Labor in the New Deal,” Studies in American Political Development 19 (Spring 2005); Ira Katznelson, Kim Geiger, and Daniel Kryder, “Limiting Liberalism: The Southern Veto in Congress, 1933–1940,” Political Science Quarterly 108 (Summer 1993): 283–302; Ira Katznelson, Fear Itself: The New Deal and the Origins of Our Time (New York: Norton, 2013); Glenda Elizabeth Gilmore, Defying Dixie: The Radical Roots of Civil Rights, 1919–1950 (New York: Norton, 2008); Nancy Maclean, Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan for America (London: Scribe Publications, 2017); Nancy Maclean, “Neo-Confederacy versus the New Deal: The Regional Utopia of the Modern American Right,” in The Myth of Southern Exceptionalism, ed. Mathew D. Lassiter and Joseph Crespino (New York: Oxford University Press, 2009), 308–323; Katherine Rye Jewell, Dollars for Dixie: Business and the Transformation of Conservatism in the Twentieth Century(Cambridge, UK: Cambridge University Press, 2017).
- In his first term, President Franklin D. Roosevelt proposed tax policies intended to dilute the concentration of income and wealth in the United States. Exposés had revealed that the richest Americans avoided paying income tax during the Great Depression, while Senator Huey Long (D-LA) intensified public demand for economic redistribution with his campaign to “Share Our Wealth.” The Revenue Act of 1934 raised tax rates on capital gains from 12.5 percent to 31.5 percent, while the Revenue Act of 1935 hiked rates on uppermost earned incomes and on inheritances and estates. W. Elliot Brownlee, Federal Taxation in America: A History (Cambridge, UK: Cambridge University Press, 2004), 119–131, 131; Monica Prasad, Land of Too Much: American Abundance and the Paradox of Poverty (Cambridge, MA: Harvard University Press, 2012), 125–141; Ronald Frederick King, “From Redistributive to Hegemonic Logic: The Transformation of American Tax Politics, 1894–1963,” Politics and Society 12, no. 3 (September 1983): 32–33; Mark H. Leff, The Limits of Symbolic Reform: The New Deal and Taxation, 1933–1939 (Cambridge, UK: Cambridge University Press, 1984), 48–202; Romain D. Huret, American Tax Resisters (Cambridge, MA: Harvard University Press, 2014), 141–172; Joseph J. Thorndike, Their Fair Share: Taxing the Rich in the Age of FDR (Washington, D.C.: Urban Institute Press, 2013), 105–168; Joseph J. Thorndike, “‘The Unfair Advantage of the Few’: The New Deal Origins of ‘Soak the Rich’ Taxation,” in The New Fiscal Sociology: Taxation in Comparative and Historical Perspective, ed. Isaac William Martin, Ajay K. Mehrotra, and Monica Prasad (Cambridge, UK: Cambridge University Press, 2009), 29–47.
- Ira Katznelson, When Affirmative Action Was White: An Untold History of Racial Inequality in Twentieth-Century America (New York: Norton, 2006), 20–55; Robert Lieberman, Shifting the Color Line: Race and the American Welfare State (Cambridge, MA: Harvard University Press, 1998); Joseph E. Lowndes, Julie Novkov, and Dorian T. Warren, Race and American Political Development (London: Routledge, 2012); Linda Faye Williams, Constraint of Race: Legacies of White Skin Privilege in America (University Park: Pennsylvania State University Press, 2003).
- Katznelson, Fear Itself, 6–25, 86–96, 127–128, 144–178, 230–273, 471–479; Ajay Mehotra, “Fiscal Forearms: Taxation as the Lifeblood of the Modern Liberal State,” in The Many Hands of the State: Theorizing the Complexities of Political Authority and Social Control, ed. Kimberly Morgan and Ann Orloff (New York: Cambridge University Press, 2017); Tarter, Grandees of Government; Douglas Carl Abrams, Conservative Constraints: North Carolina and the New Deal (Jackson: University Press of Mississippi, 1992); Anthony J. Badger, Prosperity Road: The New Deal, Tobacco, and North Carolina (Chapel Hill: University of North Carolina Press, 1980); Jacquelyn Dowd Hall, “The Long Civil Rights Movement and the Political Uses of the Past,” Journal of American History 91, no. 4 (March 2005): 1233–1263; Jane Dailey, Glenda Elizabeth Gilmore, and Bryant Simon, Jumpin’ Jim Crow: Southern Politics from Civil War to Civil Rights (Princeton, NJ: Princeton University Press, 2000); Gilmore, Defying Dixie, 4, 29–56, 65–99, 108–134; Robert Korstad, Civil Rights Unionism: Tobacco Workers and the Struggle for Democracy in the Mid-Twentieth-Century South (Chapel Hill: University of North Carolina Press, 2003); Patricia Sullivan, Days of Hope: Race and Democracy in the New Deal Era (Chapel Hill: University of North Carolina Press, 1996); John Egerton, Speak Now Against the Day: The Generation Before the Civil Rights Movement in the South (Chapel Hill: University of North Carolina Press, 1995); George A. Sloan to B. B. Gossette, May 16, 1935, folder “Taxes and Tariff—1936, May,” box 251, Josiah W. Bailey Papers, University of North Carolina; Janet Irons, Testing the New Deal: The General Textile Strike of 1934 in the American South (Urbana-Champaign: University of Illinois Press, 2000); Gilmore, Defying Dixie, 178–179; Tarter, Grandees of Government; Jewell, Dollars for Dixie.
- Eric Schickler, Racial Realignment: The Transformation of American Liberalism, 1932–1965 (Princeton, NJ: Princeton University Press, 2016), 3–13, 21–23, 52–79, 246; Josiah W. Bailey to Julian Miller, May 18, 1937, folder “Political: National—1937, January to July,” box 475, Josiah W. Bailey Papers, University of North Carolina.
- Josiah W. Bailey, “An Address to the People of the United States: A Declaration of Principles” (Stamford CT: Overbrook Press, December 1937), folder “Political: National—1937, December to 1938, February,” box 475, Josiah W. Bailey Papers, University of North Carolina.
- Gilmore, Defying Dixie, 231–234; Patterson, Congressional Conservatism, 262–285; Josiah W. Bailey, “The North as a National Problem: Address at the Young Democrats Convention, Durham, NC,” September 7, 1938, folder “Writings and Addresses, 1937–1938,” box 20, Josiah W. Bailey Papers, University of North Carolina; Franklin D. Roosevelt, “The United States Is Rising and Rebuilding on Sounder Lines: Address at Gainesville, Georgia, March 23, 1938,” https://quod.lib.umich.edu/p/ppotpus/4926315.1938.001/208.
- Josiah W. Bailey, “President Roosevelt Draws the Line,” February 1938, folder “Writings and Addresses, 1937–1938,” box 20, Josiah W. Bailey Papers, University of North Carolina; Bailey, “North as a National Problem”; Bailey to T. C. Coppedge, October 12, 1938, folder “Political: National–1938, October–November,” box 476, Josiah W. Bailey Papers, University of North Carolina.
- Julian E. Zelizer, “Confronting the Roadblock: Congress, Civil Rights, and World War II,” in Fog of War: The Second World War and the Civil Rights Movement, ed. Kevin M. Kruse and Stephen Tuck (New York: Oxford University Press, 2012); Brownlee, Federal Taxation in America, 136–139; David M. Kennedy, Freedom from Fear: The American People in Depression and War 1929–1945 (Oxford: Oxford University Press, 1999), 345–350; Schickler, Racial Realignment, 71–72; see figure 10.4 in Thomas Piketty, Capital and Ideology (Cambridge, MA: Belknap Press of Harvard University Press, 2020), 423, http://piketty.pse.ens.fr/fr/ideology.
- Katznelson, Fear Itself, 337–345; James T. Sparrow, Warfare State: World War II Americans and the Age of Big Government (New York: Oxford University Press, 2011), 6, 11–12; Brinkley, End of Reform, 98, 141; Gilmore, Defying Dixie, 7, 335–401; Katznelson, When Affirmative Action Was White, 61–79; Patricia Sullivan, “Movement Building During the World War II Era: The NAACP’s Legal Insurgency in the South,” in Fog of War; Jason Morgan Ward, “‘A War for States’ Rights’: The White Supremacist Vision of Double Victory,” in Fog of War.
- Mark Wilson, Destructive Creation: American Business and the Winning of World War II (Philadelphia: University of Pennsylvania Press, 2016), 3–4; 190–239; Steven Fenberg, Unprecedented Power: Jesse Jones, Capitalism, and the Common Good (College Station: Texas A&M Press, 2011); Franklin D. Roosevelt, “State of the Union Message to Congress, January 11, 1944,” http://www.fdrlibrary.marist.edu/archives/address_text.html.
- Sparrow, Warfare State; Brownlee, Federal Taxation in America; Steven A. Bank, Kirk J. Stark, and Joseph J. Thorndike, War and Taxes(Washington, D.C.: Urban Institute Press, 2008); Godfrey N. Nelson, “Eccles’ Proposal for Tax Discussed,” New York Times, March 25, 1945; Emil Schram, “Address before the Advertising Club of Baltimore, July 11, 1945,” in “Untitled Speeches 1945” folder, box 6, Record Group 2-2, NYSE Archives.
- “Interview with Emil Schram,” 42, interview by Jessica Holland, June 8, 1984, transcript, vol. 1, folder 5, box 1, Emil Schram Collection, Indiana Historical Society. Quoted with permission of the New York Stock Exchange.
- Interview with Emil Schram,” 52–55, interview by Jessica Holland, June 8, 1984, transcript, vol. 1, folder 5, box 1, Emil Schram Collection, Indiana Historical Society. Quoted with permission of the New York Stock Exchange.
- “Interview with Emil Schram,” 52–55, interview by Jessica Holland, June 8, 1984, transcript, vol. 1, folder 5, box 1, Emil Schram Collection, Indiana Historical Society. Quoted with permission of the New York Stock Exchange.
- Wilson, Destructive Creation, 5, 93–115; Sparrow, Warfare State, 248; Ickes quoted in Brinkley, End of Reform, 240–242.
- Emil Schram, “Informal off-the-record remarks by Emil Schram, President of the New York Stock Exchange at Connecticut Newcomer dinner, June 9, 1943,” in folder “Untitled Speeches 1943,” box 6, Record Group 2-2, NYSE archives; Emil Schram, “The Stock Exchange Today: An address delivered at a luncheon at Atlanta Rotary Club, May 10, 1943” in folder “Untitled Speeches 1943,” box 6, Record Group 2-2, NYSE Archives; Emil Schram, “Speech Delivered at the Annual Dinner of Houston Chamber of Commerce, December 18, 1946” in folder “Untitled Speeches 1946,” box 6, Record Group 2-2, NYSE Archives.
- Emil Schram, “Remarks at the Annual dinner of the Houston Chamber of Commerce, December 18, 1946,” in “Untitled Speeches 1946” folder, box 6, Record Group 2-2, NYSE Archives; Emil Schram, “Informal off-the-record remarks by Emil Schram, President of the New York Stock Exchange at Connecticut Newcomen dinner, June 9, 1943,” in “Untitled Speeches 1943” folder, box 6, Record Group 2-2, NYSE Archives.
- “Interview with Emil Schram,” June 8, 1984, 58, 95–65, Emil Schram Collection, Indiana Historical Society. Quoted with permission of the New York Stock Exchange Archives.
- Thomas Horace Evans to Josiah W. Bailey, January 18, 1938, folder “Taxes and Tariff: 1938, January,” box 253, Josiah W. Bailey Papers, University of North Carolina; G. Keith Funston to Honorable Harry F. Byrd Sr., November 12, 1965, folder 2-7, box 3, G. Keith Funston Correspondence, Record Group 2-2, NYSE Archives; G. Keith Funston to Honorable Harry F. Byrd Sr., March 16, 1964, folder 2-1, box 3, Group 2-2, G. Keith Funston Correspondence, Record Group 2-2, NYSE Archives; Philip S. to Josiah W. Bailey, Chicago, November 18, 1937, folder “Tax and Tariff—September to November, 1937,” box 353, Josiah W. Bailey Papers, University of North Carolina.
- Hermann L. Brandt to Harry F. Byrd Sr., February 8, 1943, folder “1943—7,” box 170, Harry Flood Byrd, Sr. Papers, University of Virginia; “Byrd For President” folders, box 169; Harry F. Byrd Sr., “We Are Losing Our Freedom,” American Magazine (1943); Harry F. Byrd Sr., “USA vs. The Frankenstein Monster,” Readers’ Digest (1943); E. F. Hutton to John Shepherd Jr., August 5, 1943, folder “1943–5,” box 170; E. F. Hutton to John Shepherd Jr., August 13, 1943, folder “1943–5,” box 170; John Shepard Jr. to Admiral Richard Byrd, March 31, 1943, folder “1943–8,” box 170; E. F. Hutton to Frank Gannett, April 23, 1943; Frank Gannett to E. F. Hutton, April 23, 1943, all in Harry Flood Byrd, Sr. Papers, University of Virginia; Kari Fredrickson, The Dixiecrat Revolt and the End of the Solid South, 1932–1968 (Chapel Hill: University of North Carolina Press, 2001); Keith M. Finley, Delaying the Dream: Southern Senators and the Fight Against Civil Rights, 1938–1965 (Baton Rouge: Louisiana State University Press, 2008), 105–107; Eduardo Bonilla-Silva, Racism without Racists: Color-Blind Racism and the Persistence of Inequality in America (Lanham, MD: Rowman and Littlefield, 2022).
- Robert S. Browne, “Wealth Distribution and Its Impact on Minorities,” Review of Black Political Economy 21, no. 3 (Winter 1993): 116; Henry S. Terrell, “Wealth Accumulation of Black and White Families: The Empirical Evidence,” Journal of Finance 26, no. 2 (May 1971): 363–377.
- Thomas B. Edsall, “Whatever Happened to ‘Every Man a King’?,” New York Times, February 11, 2014; John H. Cushman Jr., “Russell B. Long, 84, Senator Who Influenced Tax Laws,” New York Times, May 11, 2003.
- Thomas B. Edsall, “Whatever Happened to ‘Every Man a King’?”; John H. Cushman Jr., “Russell B. Long, 84, Senator Who Influenced Tax Laws”; Howard, The Hidden Welfare State, 17; Brownlee, Federal Taxation in America, 173; Molly Michelmore, Tax and Spend: The Welfare State, Tax Politics, and the Limits of American Liberalism (Philadelphia: University of Pennsylvania Press, 2012); Faricy, Welfare for the Wealthy; Brown, The Whiteness of Wealth.
- Marissa Chappell, The War on Welfare: Family, Poverty, and Politics in Modern America (Philadelphia: University of Pennsylvania Press, 2009), 52–53; Michelmore, Tax and Spend, 157; Long quoted in Howard, Hidden Welfare State, 4; Jennifer Mittelstadt, From Welfare to Workfare: The Unintended Consequences of Liberal Reform, 1945–1965 (Chapel Hill: University of North Carolina Press, 2005); Premilla Nadasen, Welfare Warriors: The Welfare Rights Movement in the United States (London: Routledge, 2005); William M. Rodgers III, “Race in the Labor Market: The Role of Equal Employment Opportunity and Other Policies,” Russell Sage Foundation Journal of the Social Sciences 5, no. 5 (December 2019): 198–220, https://doi.org/10.7758/RSF.2019.5.5.10.
- Max Krochmal, Blue Texas: The Making of a Multiracial Democratic Coalition in the Civil Rights Era (Chapel Hill: University of North Carolina Press, 2016), 2, 4, 6; Amy Sonnie and James Tracey, Hillbilly Nationalists, Urban Race Rebels, and Black Power: Interracial Solidarity in the 1960s–1970s New Left Organizing (Brooklyn, NJ: Melville House, 2021); Alex Beasley, Expert Capital: Houston and the Making of a Service Empire (Cambridge, MA: Harvard University Press, forthcoming); Meg Jacobs, Panic at the Pump: The Energy Crisis and the Transformation of American Politics in the 1970s(New York: Hill and Wang, 2017).
- Michael McCarthy, Dismantling Solidarity: Capitalist Politics and American Pensions Since the New Deal (Ithaca, NY: Cornell University Press, 2017); Sanford Jacoby, Labor in the Age of Finance: Pensions, Politics, and Corporations from Deindustrialization to Dodd-Frank (Princeton, NJ: Princeton University Press, 2021); Brian Domitrovic, Econoclasts: The Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity (Wilmington, DE: Intercollegiate Studies Institute, 2009); Monica Prasad, Starving the Beast: Ronald Reagan and the Supply-Side Revolution (New York: Russell Sage Foundation, 2018). Previously, “capital formation” had referred to tangible and fixed assets, such as plants and equipment. In the 1950s and 1960s, corporate executives, economists, and business journalists invoked the term as they demanded that Congress reduce corporate taxes and accelerate depreciation schedules for corporations’ tangible assets. Box 90-287-92, box 329-77-96, box 329-88-39-73, box 329-88-39-74, box 329-88-39-207, box 329-88-39-318, box 329-88-186-12, box 329-88-186-26, Lloyd M. Bentsen, Jr., Papers, Dolph Briscoe Center for American History, The University of Texas at Austin.
- Robert Collins, More: The Politics of Economic Growth in Postwar America (New York: Oxford University Press, 2000); Michelmore, Tax and Spend; Brent Cebul, “‘They Were the Moving Spirits’: Business and Supply-Side Liberalism in the Postwar South,” in Capital Gains: Business and Politics in Twentieth-Century America, chap. 7, ed. Richard R. John and Kim Phillips-Fein (Philadelphia: University of Pennsylvania Press, 2016); Robert Gordon, The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War (Princeton, NJ: Princeton University Press, 2016); Chappell, War on Welfare, 26–171; Lily Geismer, Left Behind: The Democrats’ Failed Attempt to Solve Inequality (New York: PublicAffairs, 2022), 3–11.
- Byrd Sr. quoted in Michael McCarthy, Dismantling Solidarity: Capitalist Politics and American Pensions Since the New Deal (Ithaca, NY: Cornell University Press, 2017), 98; Greta Krippner, Capitalizing on Crisis: The Political Origins of the Rise of Finance (Cambridge, MA: Harvard University Press, 2012).
- Jefferson Cowie, Stayin’ Alive: The 1970s and the Last Days of the Working Class (New York: New Press, 2010), 7, 44, 140; Gary Gerstle, The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era (New York: Oxford University Press), 48–49; Lane Windham, Knocking on Labor’s Door: Union Organizing in the 1970s and the Roots of a New Economic Divide (Chapel Hill: University of North Carolina Press, 2017), 2–7; Nancy MacLean, Freedom is Not Enough: The Opening of the America Workplace (Cambridge, MA: Harvard University Press, 2008); US Department of Commerce, Social and Economic Status of the Black Population in the United States, report no. P23-54 (Washington, DC: Bureau of the Census, July 1975), 25, https://www.census.gov/library/publications/1975/demo/p23-054.html; Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, “Income and Wealth Inequality in America, 1949–2016,” Journal of Political Economy 128, no. 9 (September 2020): 26–29, https://doi.org/10.1086/708815; Maury Gittleman and Edward N. Wolff, “Racial Differences in Patterns of Wealth Accumulation,” Journal of Human Resources 39, no. 1 (Winter 2004): 193–227, https://www.jstor.org/stable/3559010; and Patrick Bayer and Kerwin Kofi Charles, “Divergent Paths: A New Perspective on Earnings Differences Between Black and White Men Since 1940” (working paper, no. 22797, National Bureau of Economic Research, Cambridge, MA, November 2016, revised September 2017), https://www.nber.org/papers/w22797; Linda Faye Williams, The Constraint of Race: Legacies of White Skin Privilege in America (University Park: Pennsylvania State University Press, 2003), 146, 152.
- Alexis Marcus, Bernard E. Anderson, Duran Bell, Robert S. Browne, Vernon Dixon, Karl D. Gregory, and J. H. O’Dell, “An Economic Bill of Rights,” Review of Black Political Economy 3, no. 1 (1972): 1–41, https://doi.org/10.1007/BF03040511; and David Stein, Fearing Inflation, Inflating Fears: The Civil Rights Struggle for Full Employment and the Rise of the Carceral State, 1929–1986 (Chapel Hill: University of North Carolina Press, forthcoming); Eileen Shanahan, “Tax Aide Favors Top Rate of 35 Percent,” New York Times, June 2, 1972.
- John A. Lawrence, The Class of ʼ74: Congress After Watergate and the Roots of Partisanship (Baltimore, MD: Johns Hopkins University Press, 2018).
- Hearings before the Subcommittee on Taxation and Debt Management of the Committee on Finance, U.S. Senate, 95th Congress, 2nd Session, June 28 and 29, 1975, 14, folder “Taxation-Capital Gains 1970s,” box 27, Record Group 1.12, NYSE archives.
- Hearings before the Subcommittee on Taxation and Debt Management of the Committee on Finance, U.S. Senate, 95th Congress, 2nd Session, June 28 and 29, 1975, 70.
- Hearings before the Subcommittee on Taxation and Debt Management of the Committee on Finance, U.S. Senate, 95th Congress, 2nd Session, June 28 and 29, 1975, 73–74.
- Although they generated a fortune in fees for fund custodians and administrators, and a deluge of commissions for bankers and brokers, institutional investors like pensions funds upended the nation’s securities markets in the 1970s. Fund managers demanded discounts on the commissions charged on their trades, the abolition of rules prohibiting them from purchasing seats on the nation’s exchanges, and influence over the design of new computer-based market infrastructures. Put simply, the rapid ascent of these institutional investors challenged the self-regulating arrangements that New Deal reforms had conceded to the financial securities industry, particularly to the NYSE. John Ehmann, “Pension Fund ‘Socialism’ and the Future of the American Economy,” CrossCurrents 27, no. 4 (Winter 1977–78): 42–136, https://www.jstor.org/stable/24458347; Peter Drucker, The Unseen Revolution: How Pension Fund Socialism Came to America (London: William Heinemann, 1976); Randy Barber and Jeremy Rifkin, The North Will Rise Again: Pensions, Politics, and Power in the 1980s (Boston: Beacon, 1978); McCarthy, Dismantling Solidarity, 16, 77, 86, 145, 168; Devin Kennedy, Virtual Capital: Computing Power in the US Economy, 1947–1987 (New York: Columbia University Press, forthcoming).
- “House Panel Seems Sure to Approve Cut in Capital Gains Tax Rate Despite Carter,” New York Times, June 12, 1978.
- Gerstle, Neoliberal Order, 54; MacLean, Freedom Is Not Enough, 33–105, 108–291; Ellora Derenoncourt, “US Inequality Data,” https://sites.google.com/view/ellora-derenoncourt/us-inequality-data. The effective federal tax rate refers to the percentage of income actually paid in income taxes (that is, less any tax expenditures, deductions, credits, etc.). See figures 10.4 and 10.5 in Piketty, Capitalism and Ideology, 423, 453, http://piketty.pse.ens.fr/fr/ideology.
- Wendy Warren, New England Bound: Slavery and Colonization in Early America (New York: Liveright, 2016); Ian Baucom, Spectres of the Atlantic: Finance Capital, Slavery, and the Philosophy of History (Durham, NC: Duke University Press, 2005); Calvin Schermerhorn, The Business of Slavery and the Rise of American Capitalism, 1815–1860 (New Haven, CT: Yale University Press, 2015); Edward E. Baptist, The Half Has Never Been Told: Slavery and the Making of American Capitalism (New York: Basic, 2014); Sven Beckert and Seth Rockman, eds. Slavery’s Capitalism: A New History of American Economic Development (Philadelphia: University of Pennsylvania Press, 2016); Walter Johnson, Soul by Soul: Life Inside the Antebellum Slave Market (Cambridge, MA: Harvard University Press, 1999); Walter Johnson, River of Dark Dreams: Slavery and Empire in the Cotton Kingdom(Cambridge, MA: Belknap Press of Harvard University Press, 2013); Joshua Rothman, The Ledger and the Chain: How Domestic Slave Traders Shaped America (New York: Basic, 2021); Daina Berry, The Price for Their Pound of Flesh: The Value of the Enslaved, from Womb to Grave, in the Building of a Nation (New York: Penguin, 2017); Walter Johnson, St. Louis and the Violent History of the United States (New York: Basic, 2020); Cheryl Harris, “Whiteness as Property,” Harvard Law Review (June 10, 1993); Richard Rothstein, The Color of Law: A Forgotten History of How Our Government Segregated America (New York: Liveright, 2017); Keeanga-Yamahtta Taylor, Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership (Chapel Hill: University of North Carolina Press, 2019); Mehrsa Baradaran, “Jim Crow Credit,” Legal Studies Research Paper Series No. 2021–51 (Irvine: School of Law, University of California, Irvine, May 2019); Mehrsa Baradaran, The Color of Money: Black Banks and the Racial Wealth Gap (Cambridge, MA: Belknap Press of Harvard University Press, 2017); Robin L. Einhorn, American Taxation, American Slavery (University of Chicago Press, 2008).
- US Department of the Treasury, “Tax Expenditures FY2024” (US Department of the Treasury, Washington, DC, October 2022), https://home.treasury.gov/policy-issues/tax-policy/tax-expenditures; CBO, “The Distribution of Major Tax Expenditures in 2019” (CBO, Washington, DC, October 2021); CBO, “Budget and Economic Outlook: 2022–23” (CBO, Washington, DC, May 2022), https://www.cbo.gov/publication/58147#_idTextAnchor186.
