White House Touts Help For Poor Areas — But Questions Endure Over Who'll Benefit
Opportunity zones were created with the 2017 tax cut to bolster low-income communities. But depending on how the funds are spent, investors who get tax incentives could see the biggest gains.
Tucked into the 2017 law intended to cut Americans' taxes was a program aimed at helping communities struggling with high unemployment and run-down housing.
What's not clear is who's actually getting the most assistance from it.
The program allows investors to defer and potentially lower their capital gains taxes in exchange for investing in designated low-income neighborhoods.
But critics of the "opportunity zones" say residents in those communities could actually may be harmed, rather than helped, because wealthy investors getting tax breaks could enjoy more of a benefit than local residents.
Supporters of these zones on both sides of the aisle say they are creating jobs and making a difference in places that might otherwise be left behind.
