• Home
  • Posts
  • Uncategorized
  • BET Innovator Bob Johnson Proposes $30 Billion Tax Incentive for Those Who Invest In Black Businesses

BET Innovator Bob Johnson Proposes $30 Billion Tax Incentive for Those Who Invest In Black Businesses

| lafocus | | Leave a Comment

Kisha Smith

Inspired by an FCC Tax Certificate Policy established in the 70’s, BET founder Bob Johnson has proposed the enactment of a $30 billion tax incentive legislation to provide preferential treatment on gains to those who invest in businesses owned by Black Americans and other minorities. The proposed legislation— dubbed the BOOST Act (Better Opportunity and Outcomes for Socially Disadvantaged Talent)—addresses the longstanding problem minority businessowners face in attracting capital, particularly “strategic equity” capital. 

The biggest challenge to racial equality in our nation is the glaring wealth chasm between Black and white American families,” said Johnson, in announcing the plan.  To close that gap, there must be a commitment to finding a workable solution to the lack of capital in the Black community.”  Johnson further stated, “The BOOST Act, if enacted by Congress through tax legislation and embraced by investors, would elevate Black and minority businesses into the wealth-building and wealth-accumulation economic system that is the principal driver of economic opportunity and achievement in our capitalistic economy.”

Johnson—who presently serves as CEO of The RLJ Companies—believes that access to capital is just as important as voting rights and is urging Congress to act swiftly on the BOOST Act.

“I fundamentally believe the BOOST Act is consistent with and a real solution to the Biden/Harris focus on equity and thus merits full support.  Lastly, I hope that the American people will support the BOOST Act as a morally responsible and economically viable solution to help solve socioeconomic problems confronting this country,” Johnson said.


Leave a Reply

Your email address will not be published. Required fields are marked *


More Coverage

Hundreds of Compton Residents Chosen for Guaranteed Income Program

Dianne Lugo Compton has joined in participating in a successful program to grant some of its residents a guaranteed i…

Pastor Tyron Robinson Named to Succeed Bishop Paul Morton

Staff Last year, nationally renowned pastor and gospel singer Bishop Paul S. Morton announced he would step down as s…

New Fund Will Grant $10,000 to Struggling Local Business Owners

Staff More relief for local Los Angeles small business owners is on the way. A new fund, the LA Regional COVID Fund, …

Probe Into Prison Deaths Ends Up Uncovering $8 Billion in Untracked State Money

Aldon Thomas Stiles | California Black Media What started out as an investigation into inmate deaths in some of Calif…

Despite Massively Successful Fundraising Efforts, Community Group Fails to Purchase Crenshaw Mall

Dianne Lugo The saga of the historic Baldwin Hills Crenshaw Plaza ownership continues with local Black community orga…

Hollywood Blvd Business Owners Will File Criminal Charges Against Protesters for Property Damage During Breonna Taylor Demonstration

By Stephen Oduntan Shattered glass dotted the pavement. Evidence of vandalism after violent confrontations between Lo…

A Call to Stop Hate: Asian Americans & Allies Held Vigil Demanding an End to Violence & Racism

By Stephen Oduntan A Black Lives Matter – South Pasadena activist came together with the San Gabriel Valley community…

Los Angeles County Announces Emergency COVID-19 Rental Relief Program

Staff The one-year anniversary of Los Angeles’ COVID-19 shutdown has come and gone, and for many, the ensuing financi…

Latest Politics

“Police Reform and Personal Responsibility”

One Down, Three to Go: How Will Chauvin Verdict Factor in Trials of Three Remaining Officers Charged in Death of George Floyd

California Elected Officials, Civic Leaders React to George Floyd Verdict

Derek Chauvin Chooses Not to Testify in His Defense [Video]

Judge Throws Out Joe Collins Lawsuit Against Maxine Waters


© Copyright 2021 - LA Focus Newspaper