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The unintended consequences of making Juneteenth a national holiday


Commemorating Juneteenth is certainly appropriate. It marks the end of race-based chattel slavery, a massive economic system that enriched white slaveholders at the expense of Black laborers; and a system from which people across the country, not just the South, benefited.

The IRS records provide glimpses of other massive loans. In both 2016 and 2017, investor Carl Icahn, who ranks as the 40th-wealthiest American on the Forbes list, paid no federal income taxes despite reporting a total of $544 million in adjusted gross income (which the IRS defines as earnings minus items like student loan interest payments or alimony). Icahn had an outstanding loan of $1.2 billion with Bank of America among other loans, according to the IRS data. It was technically a mortgage because it was secured, at least in part, by Manhattan penthouse apartments and other properties.
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