An effective program to address problems in low-income communities already exists — without creating more tax breaks for the wealthy
Opportunity zones, a bundle of tax breaks dressed up as economic development, are the epitome of government largess the Trump way — sizzle, fizzle, a sleight of hand and abuse of good intentions.
Created with fanfare in the deeply regressive 2017 tax reform law, opportunity zones are the latest and slickest version of the longstanding conservative strategy of taking from the poor to help the rich. Trump’s twist makes these all the sweeter for conservatives because they pretend to address problems Democrats care about, like providing affordable housing and creating good jobs for the people who live in low-income communities. The results to date show that the outcomes are more likely to be luxury apartments and sparse jobs, not affordable housing and employment opportunities...
RSK: Yes....the road to hell is paved with good intentions. But let`s not give up hope on OZ`s yet. There still is real opportunity. But what do you expect investors to do? Of course, build and invest in the best money producing asset class luxury housing. The investment needs to make sense without the tax benefits which are just icing on the cake.
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- - Volume: 7 - WEEK: 42 Date: 10/15/2019 6:56:57 AM -