President Donald Trump's "multi-billion dollar tax deficit" known as opportunity zones is for the benefit of more people in the real estate developer's path.
"The tax benefit allows people to defer paying taxes on profits from stocks or other investments for years. To qualify, they must direct untaxed gains to federally certified regions known as opportunity zones. The profits from these investments are then tax-free," The New York Times reported on Saturday.
"While some money is flowing to poor communities, the most visible effect to date has been to feed a frenzy among the wealthiest Americans. They are willing to reap billions of untaxed profits on high-end apartment blocks and trendy neighborhood hotels, storage facilities that only employ a handful of workers or student housing in busy college towns, "the newspaper noted.
Former White House press secretary Anthony Scaramucci benefits from Opportunity Zones.
"The former White House communications director runs an investment company, SkyBridge Capital, which uses the Opportunity Zone Program to help build a new hotel, equipped with a lavish restaurant and a rooftop pool, in the trendy New Orleans Warehouse district , " reported The Times .
White House senior adviser Jared Kushner also serves on tax policy change.
" Jared Kushner's family business owns or is in the process of purchasing at least a dozen properties in New York, New Jersey and Florida are in opportunity zones. That includes a couple in Miami, where the Kushner Companies are planning to build a luxurious 393-acre condominium with sweeping views of Biscayne Bay, according to a company presentation for potential investors, "the newspaper noted." In addition, Cadre, an investment firm co-founded by Mr. Kushner and his brother, Joshua, collects hundreds of millions of dollars that Formerly able to spend on opportunity zone projects. "
Former Prime Minister Chris Christie is also an exploiter.
"Mr. Christie, the former governor of New Jersey and a one-time adviser to Trump, has raised money for investment opportunities, including a townhouse in Hackensack, NJ, and a self-storage center in Connecticut, ” The Times noted.