Opinion: 'Opportunity zones' meant to boost poor communities did little more than give the rich another tax loophole — proof that trickle-down economics doesn't work (by paulconstant)
The plan was relatively simple: Poor and underdeveloped locations around the country that could benefit from a massive influx of cash were identified as opportunity zones, and wealthy people and corporations could claim their investments in opportunity zones as a tax cut. The policy was slipped into the tax bill without much fanfare, and requirements for federal watchdogs to study and report on economic results of the opportunity zones plan were stripped from the bill before it passed.
, adding that"one doesn't need to even assert that an investment will help the people who live in the zone."provided a partial view In other words, the opportunity-zone program used the excuse of investing in thousands of low-income communities around the country, many of which happen to be nonwhite communities that have been ignored by politicians and business leaders for generations, to create a huge flow of untaxed money into a handful of mostly white, wealthy communities.
The Trump tax cuts could serve as a watershed moment for trickle-down precisely because they prove the fallacy at the heart of the idea that rich people are the true job creators.
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