CBX Daily 4/16/2024

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CultureBanx Team
April 16, 2024

Today find out why the tax season is not African Americans’ ally, but let’s start with how ESG investments have been performing dismally…

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Deciphering The $300 Billion ESG Investment On Corporate Diversity

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Environmental, Social, and Governance (ESG) investing, once the darling of Wall Street, is witnessing a remarkable slowdown. Assets under management in ESG funds declined from $339 billion in the second quarter to $315 billion by the end of last year. This shift has far-reaching implications, particularly concerning the progression of diversity and inclusion within the corporate sphere.

Here's Why Tax Season Remains A Sunken Place For African Americans

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It's tax day folks and the process of preparing them can be difficult if not arduous, especially for more than 14 million taxpayers who ​​paid for tax prep software that they could have gotten for free. The Treasury Inspector General for Tax Administration found roughly a billion dollars in revenue for TurboTax maker Intuit, H&R Block and other tax software companies, according to ProPublica. Over 40% of Black Americans make less than $40,000 per year, putting them at an income disadvantage if taxes are not filed correctly, as tax policy adds insult to injury by magnifying the financial toll, and keeping Black people in a sunken tax place.

Why Are Americans Making $100,000 Living Paycheck To Paycheck?

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Many believe earning a six-figure income means that you have arrived and are at the epitome of success. However, as of December 2022, 51% of Americans with $100,000 or more in annual income said they lived paycheck to paycheck, according to the LendingClub and Pymnts.com survey. Although many factors may contribute to this, the effects of inflation are burning holes into the pockets of too many Americans, causing them to live on an earn-and-spend treadmill.  

Women Of Color Secure More Seats At The Boardroom Table

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According to recent data, women of color now hold 5% of private board seats, which is an increase from 3% in 2020. Additionally, the number of boards that lack women representation also fell significantly by almost half from 60% to 32%. This indicates a positive trend towards increased representation and diversity in private boardrooms.

Creative Book Industry Lacks Black Perspective With 4% Representation

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The lack of diversity in the creative book industry is a hot topic with Black writers and editors being underrepresented. Currently, 78% of the publishing industry is white, with only 4% Black representation. Diversity is far from where it should be for the Black perspective in an industry of all-white publishing. How can we expect to create literature that reflects the world as it exists if our authors are underrepresented?

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Laying all “Cards On The Table” and it’s not looking pretty. Nia Archives standing on business with a bop in our CBX Vibes!