, 9 tweets, 5 min read
THREAD: Let's start with this smoking-gun memo-obtained by The New York Times. Treasury at direct order of Sec. Mnuchin took what staff at IRS warned would be seen as a overtly political act & one could undermine the integrity of a multi-billion dollar Trump-era federal tax break
This memo plays a central role in a story we published this morning examining the role Michael Milken's non-profit think tank has played in influencing Treasury, at the same time as Milken is positioned to profit from the same tax break. @JesseDrucker nytimes.com/2019/10/26/bus…
@JesseDrucker For those who want to read the whole memo, here it is. It details concern among career personnel at Treasury about a push by Mnuchin to revise rules Treasury had set dictating what parts of the US could be called Opportunity Zones. documentcloud.org/documents/6521…
@JesseDrucker If you own land in an opportunity zone-this designation by Treasury can make it instantly more valuable. As you can get a major tax break worth millions of dollars, potentially. Guess who is a major investor in 700 acres in ONLY zone in US to benefit from this change: Mike Milken
@JesseDrucker And guess who are two, long-time Wall Street friends: Milken and Mnuchin.
@JesseDrucker Treasury moved to make this change in the agency's rules--after saying the Nevada land was ineligible and now suddenly it was eligible--just days after Mnuchin was at a glitzy summit put on by Milken in Beverly Hills. Guess what was on the agenda there?
@JesseDrucker Milken and Mnuchin spokesmen both say that the two did not discuss this matter. And Mnuchin spokesman says that Mnuchin did not know Milken was an investor in the land. But we do know that Mnuchin also lobbied by Nevada Gov and US Senator. documentcloud.org/documents/6511…
@JesseDrucker And the bottom line is that Mr. Mnuchin directed his staff to take a move that many strongly objected to, and which some saw as overtly political, and which stood to benefit his billionaire friend, Milken. (Nevada Gov sent in this letter 45 minutes after phone call with Mnuchin)
@JesseDrucker All of this and more is discussed in our story posted on the NYT website this morning and in Sunday's NYT paper. Here is the story again. Please give it a read. And a retweet nytimes.com/2019/10/26/bus…
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