Here is just another reason why McConnell rammed the tax break through in a few weeks and no hearings.
Opportunity zones were supposed to provide housing, businesses and investments in poorer neighborhoods. Instead, high rises, office parks and upscale shopping areas are going up in already gentrified or otherwise misclassified areas.
CATO argues that such investments need to be local instead of part of a federal tax bill. I tend to agree.
But as the blog points out, it was a scam from day one to enrich the already rich with minimal impact for downtrodden areas.
And you can bet that as major developers, Trump, Kushner, et.al. will likely benefit handsomely.
And infrastructure? What infrastructure? Long term bonds are dirt cheap but GOP fat cats are just sitting while our roads and bridges crumble. More than likely so they can turn public assets into private piggy banks.
Trump is scrambling to scrape money from DOD for the wall. Roads, a major campaign promise, goes the same way as his “beautiful” health care bill. The bill we were to see in a couple of weeks 2 years ago.