Robert Johnson, founder of BET, told CNBC on Tuesday that he hoped the American company would support efforts to improve black Americans’ access to capital with the same force as it does Many companies have recently looked at voting access.
Johnson’s comments too “Squawk Box” came a day after the entrepreneur went public with a proposal This would give preferential tax treatment to capital gains from investments in minority companies. He urged Washington politicians to ponder his idea that would incentivize investment in companies that historically lacked them.
“If you think voting is a primary need for the black community, I would argue that access to capital is equal to or greater,” Johnson said. “Voting rights without access to capital to build wealth are an empty cup in my opinion.”
Johnson, who founded Black Entertainment Television in 1980, was vocal about the role corporations can play Combating Racial Inequality in the USA., especially with a view to changing recruitment practices.
While he said he supports protecting voting rights for black Americans, Johnson said it was also important to ensure that this can lead to guidelines being passed that will greatly improve economic opportunity.
The founder and chairman of the investment firm RLJ company criticized Democrats and Republicans alike for not doing enough to address persistent inequalities for Black Americans, and even pointed out last year that Black Americans form their own political party.
“It’s a half empty glass when you say, ‘I’m going to give you the vote, but that vote doesn’t mean you will be able to build wealth for your family. Send your kids to college. Provide retirement credits for They are ready to become part of the country’s economic system as you deserve and give them equal opportunities, “Johnson said Tuesday.
Johnson said his message to business leaders who criticized Georgia’s recent electoral reform law and publicized broad support for the electoral law was, “Take the same stance on capital.”
“This is the capitalist, free-market economy after all,” said Johnson, who became America’s first black billionaire in 2001 when BET was the holding company acquired by Viacom. “Access to capital and access to wealth … is what black Americans need now more than ever,” added Johnson, who is no longer in office Forbes billionaires list.
A number of companies announced commitments to eradicate racial inequality in the US last year after Murder of George Floyd in Minneapolis again drew attention to longstanding economic disparities.
Some of the largest banks in the country – such as JPMorgan Chase, Bank of America and Citigroup – to have bound capital Initiatives to reduce inequality. Last month, Goldman Sachs announced a $ 10 billion program promote economic opportunities for black women.
Johnson also weighed the possibility of higher corporate taxes and capital gains for wealthy Americans as part of various legislative proposals by the Biden administration. “It comes down to how you use tax legislation to drive overall economic growth.” Johnson added, saying that a flat corporate tax hike is not the best way to go in my opinion.