Discover and read the best of Twitter Threads about #OpportunityZone

Most recents (4)

It looks like my colleagues @WhipClyburn and @RonWyden are in backdoor negotiations to systematically destroy my #OpportunityZones initiative. Y'all know me and I'm going to be completely frank here — they're only doing this because it has the support of @realDonaldTrump.
This is the second misguided attempt by Congressional Democrats in the last two weeks to wreck the #OpportunityZone initiative under the guise of ‘improvement.’ Word on the street is that The Squad is coming after the program too in the next few days/weeks...
Some facts about #OpportunityZones for y'all:
✔️ An estimated $63 billion can already be expected to be invested into them
✔️ There are 8,700 Zones with the average poverty rate of 29%

It's easy to lay out numbers, but these are people's LIVES that we're talking about.
Read 10 tweets
1. Largely hidden from public view is a buried 6 page Trump/GOP #taxscam provision that has triggered an obscene feeding frenzy among the super wealthy -enormous construction tax breaks for developers & their investors in newly created "Opportunity Zones". nytimes.com/2019/08/31/bus…
2. While billed as helping poor communities, Trump's "Opportunity Zones" (OZ) has instead spawned the construction of luxury high rises in areas that are already prosperous. Guys like Kushner are gorging themselves on this lucrative tax-free buffet. nytimes.com/2019/08/31/bus…
3. Here's how it works- OZ allows the super wealthy to avoid paying 15% on their capital gains by redeploying capital gains tax free into OZ construction projects. THEN sell in 10 yrs TAX FREE, eliminating depreciation recapture on the depreciation they deducted fr their taxes.
Read 11 tweets
#OpportunityZones is the largest community development initiative in a generation. However, size isn't the program’s only strength; it is the flexibility of this policy that makes it a potential game changer for communities.
The low-income communities that comprise OZs have a wide range of needs. #OpportunityZones offer communities an adaptive tool to support their own local approach to economic development. Some examples illustrate the opportunity and impact:
In East Chicago, a 225-acre contaminated brownfield was thought to be too expensive to restore but with an #OpportunityZones designation, it’s now being converted to a logistics center and is expected to support as many as 3,000 jobs. nwitimes.com/business/local…
Read 14 tweets
Can any #OpportunityZone boosters explain why they designed a program giving potentially infinite tax breaks to #Amazon for putting a data center in a pre-chosen spot in a tech corridor in the #1 richest county, under the guise of helping poor communities?
bloomberg.com/news/articles/…
Note the utter lack of transparency behind this program. The only reason we're even aware of this is because it's Amazon.
Key point here: the structure of the OZ program invites untransparent back-scratching between local officials and big companies.
Read 4 tweets

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