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Tell Congress:
“There are significant loopholes in the Opportunity Zones law that are allowing wealthy investors to game the system and benefit at the expense of the disadvantaged communities the law is meant to support. We urge you to pass the Opportunity Zone Reporting and Reform Act (S.2787) to make sure Opportunity Zone projects are benefiting the communities they’re meant to help.”
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John,
On the campaign trail and in his State of the Union address, Donald Trump has been promoting the so-called “Opportunity Zones” law, passed as part of the Trump Tax Scam in 2017, which is supposed to incentivize new investments in disadvantaged communities. But the facts tell a different story.
It turns out that these Opportunity Zone projects are turning into a massive handout to billionaires and not helping the disadvantaged communities they’re meant to benefit.
In Detroit, billionaire founder of Quicken Loans Dan Gilbert has gotten the Trump administration to approve projects in an affluent portion of downtown Detroit where Gilbert owns significant property.[1]
In Baltimore, billionaire founder of Under Armour Kevin Plank got Maryland officials to approve his already-planned projects as Opportunity Zones, in-turn denying eligibility for these tax incentives for new investments in a nearby disadvantaged community.[1]
And, Trump’s Treasury Secretary Steven Mnuchin personally intervened on behalf of his friend, billionaire junk bond king Michael Milken, reversing a previous government decision that had denied Milken the Opportunity Zone incentives.[1]
It’s an outrage that this law is benefiting billionaire investors and not the disadvantaged communities it’s meant to support!
Now, there’s a bill that corrects some of the worst aspects of Opportunity Zones, Senator Ron Wyden’s Opportunity Zone Reporting and Reform Act (S.2787).
Become a grassroots co-signer of Sen. Wyden’s Opportunity Zone Reporting and Reform Act to make sure Opportunity Zone projects are benefiting the communities they’re meant to help, not billionaires who are gaming the system.
The Opportunity Zone Reporting and Reform Act would:
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Eliminate loopholes that allow investors to build luxury apartments, stadiums and casinos using Opportunity Funds
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Stop billionaires and other investors from using Opportunity Funds to invest in affluent communities―instead, reserving funds for disadvantaged or impoverished communities
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Require public reporting each year from Opportunity Funds as well as annual statements to the IRS from fund investors
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Ensure these incentives go to new investments that are actually in Opportunity Zones, rather than projects that were already underway as a way for investors to park their money tax-free
We need safeguards to ensure that our tax dollars aren’t, once again, being used as a handout to billionaires.
Become a grassroots co-signer of the Opportunity Zone Reporting and Reform Act today to ensure our tax dollars are supporting disadvantaged communities, not padding the bulging bank accounts of Trump’s billionaire buddies.
Instead of tax breaks for luxury real estate developments, we need investments in the communities this law was intended to support.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Opportunity Zones — for Billionaires,” New York Times, Nov. 16, 2019
