Blacks are not likely to number themselves among the forty-six million Americans today who can trace the origins of their family wealth to the Homestead Act of 1863, because almost all of that land was allocated to whites through restrictions expressly designed to deny access to blacks.’ They cannot include themselves among the major beneficiaries of the trillions of dollars of wealth accumulated through the appreciation of housing assets secured by federally insured loans between 1932 and 1962 because 98 percent of FHA loans made during that era went to whites via the openly racist categories utilized in the agency’s official manuals for appraisers.’ Most blacks know that past discrimination continues to influence contemporary struggles to accumulate assets because wealth is inherited and passed down across generations. In recent years, moreover, changes in the tax code have further skewed opportunities and life chances along racial lines by giving favored treatment to those forms of income most likely to represent the fruits of past and present discrimination like inheritance income and capital gains, while lessening the value of income gained through work. The living legacy of past discrimination combines with the impact of contemporary discriminatory practices in mortgage lending, real estate sales, automobile credit financing, and employment to impose artificial impediments against asset accumulation among African Americans.