This week – shortly after he ordered federal police to violently remove peaceful protesters of police violence against Black people – the President cited #OpportunityZones as evidence of his support for the Black community.
This is outrageous and enraging in many, many ways (see thread from @Connor__Maxwell for a few of them).
But focusing specifically on the #OZ claim for a second:
But focusing specifically on the #OZ claim for a second:
At their core, #OpportunityZones are a capital gains tax break.
And who benefits from capital gains tax breaks? Almost exclusively high-income households, who are overwhelmingly white.
And who benefits from capital gains tax breaks? Almost exclusively high-income households, who are overwhelmingly white.
#OZs will directly benefit high-income, mostly white people, and any potential benefits to low-income, mostly non-white, communities are theoretical and far from guaranteed.
cbpp.org/research/feder…
cbpp.org/research/feder…
OZ tax breaks are worth most for investments whose value rises the fastest. So analysts including @rejanesmith warn that it could accelerate gentrification, dislocating current residents: americanprogress.org/issues/poverty…
.@ProPublica and others have reported on high-profile, egregious examples of wealthy, well-connected people likely to benefit from #OZs, with little or no benefit for low-income, minority communities.
So let’s be clear about what’s happening: historical & continuing racial prejudice mean that Black people are dying disproportionately from COVID-19. On top of the barriers to economic success put in their way by policies and private action.
Meanwhile, the President is offering…
Capital gains tax cuts for rich, mostly white households.
Capital gains tax cuts for rich, mostly white households.
