Opportunity Zones

Number 28545
Subject Taxes
Source ProPublica
State
Year 2019
Publication Date June — November 2019
Summary Trump’s only significant legislative achievement was his 2017 tax code overhaul. It contained a provision to help the poor, called “opportunity zones.” In 2019, ProPublica showed that while the benefits to the poor have not yet materialized, some people have already reaped the rewards: the wealthy and politically connected. We found that wealthy developers lobbied government officials and got their long-planned investments in luxury projects included in the program, despite its avowed goal of attracting new investment into poor areas. Critically, two of our stories feature areas that never should have been qualified for the program in the first place, but were allowed in by a deeply flawed implementation of the law by the U.S. Treasury Department. They were then selected by state governors after lobbying efforts by wealthy developers. Our articles, along with those of other outlets, led to Congressional calls for investigations into the designation process, as well as proposed reforms to make the program more transparent and to eliminate potential abuses by investors.
Category IRE Contest Entry
Pages
Keywords ProPublica, Trump, tax cuts, taxes, Treasury, Dan Gilbert, billionaires, income, inequality, legislation, poor
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