President Trump Makes Historic Move To Boost Economy In Poor Cities

By Nihal Krishan August 25th, 2020 | Image Source: Washington Examiner

President Trump reportedly will encourage federal agencies to move their office spaces to “opportunity zones” his administration has designated in order to spur investments in poor areas.

The change in policy will apply to all federal agencies and ask that they “stop prioritizing city centers and central business districts,” according to the New York Post, and instead place their offices in low-income communities designated as opportunity zones by the Trump administration.

“Today’s executive order that the president is signing will ask agencies to, in their determination of where they’re going to build and lease new offices, include opportunity zones in that competitive process,” a senior White House official told the publication.

Opportunity zones were created in the tax overhaul of 2017, offering capital gains advantages to investors as a way to encourage new businesses, housing, and jobs. The program has driven more than $75 billion in private investment into low-income communities in the past two years after it was created, according to a report released Monday by the White House Council of Economic Advisers.

The zones were expected to reduce federal revenues by $1.6 billion over a 10-year period, according to the Joint Committee on Taxation, Congress’s official scorekeeper.

Democrats opposed the tax breaks and have drawn attention to reports that very wealthy people, such as financier Michael Milken, have taken advantage of opportunity zone designations. ProPublica reported last November that a “superyacht marina” qualified as an opportunity zone. Because there is no requirement to provide an overarching view of how the zones are working, the prevalence of such examples is unknown.

Author: Nihal Krishan

Source: Washington Examiner: Trump to ask federal agencies to move offices into ‘opportunity zones’

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