Tax cut sham

The GOP tax law, enacted in late 2017, created the “opportunity zones” program, which provides capital gains tax breaks to those who make investments in certain low-income census tracts.

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Democrats are pushing for more substantive changes to the program and have become increasingly concerned about opportunity zones in recent weeks, following news reports highlighting how wealthy developers are influencing and benefiting from the program.

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The opportunity zone portion of the GOP tax law provides several different types of capital gains tax breaks to investors in the zones.

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Some articles and think-tank studies have drawn attention to specific areas designated as opportunity zones, including areas included in zones because they are adjacent to low-income census tracts, areas that are already gentrifying and areas that are in college towns that aren’t disadvantaged but appear to be low income because much of their populations are students. There have also been several reports about areas being designated as opportunity zones after developers lobbied government officials.

One specific zone that has drawn criticism is in Storey County, Nevada. The New York Times reported last month that Treasury Secretary Steven Mnuchin instructed the department to designate the area as a zone — after it had been previously determined to be ineligible — after spending time with former “junk bond king” Michael Milken, who co-owns a company that holds land in the area.

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There have also been reports that focus on specific investments being made in opportunity zones that critics say aren’t benefiting low-income residents of the areas, such as investments in luxury apartment buildings.

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Investors who realized capital gains and then rolled over the gains into “opportunity funds” investing in the zones can temporarily defer taxes on those existing gains. If investors hold their previously earned capital gains in opportunity funds for at least 5 years, they pay less in taxes on the investments. And if investors hold investments in opportunity funds for at least 10 years, they don’t have to pay any capital gains taxes on new gains produced by those investments.

  The Hill

GOP always looking out for their constituency.

...but hey, do what you want...you will anyway.