Trump’s Opportunity Zones Are Just A Tax Break For Rich Investors

Senator Scott talked about opportunity zones as if they actually helped low- and middle-class families. In reality, Trump’s opportunity zone tax break benefitted wealthy developers and Trump’s family and advisers, but failed the low-income communities it was supposed to help.

Opportunity zone tax breaks have ended up benefiting wealthy developers and spurring gentrification, while failing to help low-income residents.

Pew Trusts: “Luxury apartments get the tax breaks meant to boost low-income areas”

ProPublica: “A Trump tax break to help the poor went to a rich gop donor’s superyacht marina.”

Arizona Republic: “How a tax break in poor Arizona communities became a boon for wealthy investors”

Some of the biggest beneficiaries of Trump’s opportunity tax break have been Trump’s family and advisers.

New York Times: “The incentive is benefiting President Trump’s family members and advisers, including the family of Jared Kushner, Mr. Trump’s son-in-law and senior adviser; former Gov. Chris Christie of New Jersey; Richard LeFrak, a New York real estate magnate who is close to the president; and Anthony Scaramucci, a former White House aide.”

The White House modified rules to make Trump’s opportunity zone tax break more favorable to wealthy investors.

Bloomberg: “Opportunity zone rules deliver on investors’ wish list”

Trump’s opportunity zone tax break did not include any rules to ensure the investments actually benefited low-income residents rather than investors.

New York Times: “Treasury’s regulations did not address a fundamental flaw with the zones, which lack legal guidelines to ensure the investments actually benefit low-income areas and residents.”