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Reading is arguably the most important academic skill people can acquire, granting access not only to the wealth of knowledge complied on the Internet but also to artificially scarcified educational opportunities and advanced educational credentials required for economic advancement. Yet in the U.S. we have consistently failed to help children from low-income families acquire this vital resource. Bringing together literature from multiple disciplines, this paper proposes a conceptual framework systematizing what research suggests about the multi-layered, reciprocal relationship between economic inequality and disparities in reading ability. Research, education, and policy design must be grounded in a deep understanding of these interwoven, systemic influences if it is to help all children equally develop into skillful, powerful, and joyful readers.