BUSINESS briefs

James Wright WI Staff Writer

REPORT SHOWS D.C. HURTING FISCALLY WITHOUT STATEHOOD

The DC Fiscal Policy Institute released a report on Jan. 19 revealing the District loses billions of dollars annually due to its lack of statehood status.

The report—“The High Cost of Denying Statehood to the District of Columbia”—reveals the revenue forgone each year hovers around $3.2 billion because the city is denied full taxing authority. The $3.2 billion equates to about one-fifth of the District’s gross fund spending for fiscal year

2021; comes out to be more than three-fifths of what the city spent on human support services; and slightly more than the investment in schools that year. The report comes as the District prepares to celebrate 50 years of the Home Rule Act that gave its residents limited political, legislative and budget autonomy from the federal government.

The report said statehood would bring not only political and civic benefits to the District but also significant fiscal implications. With fewer restrictions and the over $3 billion in potential revenue statehood would offer, the District could take greater steps to minimize economic struggle, end displacement, house residents, guarantee jobs and income, and advance reparative policy in our most neglected communities, according to the report.

Bo Shuff, the executive director of DC Vote, a pro-statehood advocacy group, agrees fully with the report’s conclusions.

“We at DC Vote have always framed the fight for full freedom as a taxation without representation issue, a right to self-determination issues and a racial justice issue but now, because of the DC Fiscal Policy Institute’s brilliant work, we can add statehood as an economic equality issue,” Shuff said.

“The 700,000 tax paying residents of the District have been calling for full democracy for more than 200 years and as we always say, the question has become more and more a matter of ‘when’ not ‘if.’ This report certainly strengthens that argument.” the third annual round of cohort-based WeAspire training and pitch program.

“Our response to adversity our residents face defines the character of our city,” said Kristi Whitfield, director of DSLBD. “As a result of recognizing the unique challenges returning citizens face when starting a business, WeAspire has become a national model for training and developing successful small business owners as a result.”

This year, WeAspire plans to provide training for 30 returning citizen entrepreneurs, including new businesses and established business owners. The application period will close on Feb. 28.

To learn more about the program, visit dslbd.dc.gov/weaspire.

D.C. LAUNCHES

Weaspire 2023

The District Department of Small and Local Business Development (DSLBD) announced on Jan. 20 the launch of WeAspire 2023, the focus of the Aspire to Entrepreneurial program for the city’s returning citizen-led businesses.

Previously incarcerated District residents and or justice-involved are eligible to apply for the program. The program is designed to educate and encourage returning citizens to build and scale their businesses through cohort-based training and pitch competitions.

This is the eighth year the DSLBD has administered the program. Plus, this year marks

CAAB GETS $5K FROM THE MARIGOLD EFFECT

The Capital Area Asset Builders (CAAB) announced on Jan. 19 that it has received $5,000 in general operating funding from The Marigold Effect to support its work to address and close the racial and gender wealth gaps in the Washington, D.C. region.

The grant will enable CAAB to aid low-and-moderate-income Black and Latino individuals and families.

“We are honored to receive this grant from The Marigold Effect,” said Joseph Leitmann-Santa Cruz, CAAB’s CEO & executive director.

“We are proudly focusing on intentionally addressing and closing the racial and gender wealth gaps in the Washington, D.C. metropolitan region. This grant from The Marigold Effect will assist us to advance this objective.” WI

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