Capital Gains Tax

Gentrification on steroids: The Opportunity Zone program

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Making money and dodging taxes is the American way:

Developers have a new reason to build in already-booming Durham. A new federal incentive will encourage investors in certain parts of the city, including East Durham, west of Duke University and in Southwest Durham. But the “opportunity zones” could also lead to private investors tearing down existing houses to build big, new houses and getting tax breaks on their returns, Durham County Commissioner James Hill said Monday.

“This is why this has been called the Kushner bill,” he said, referring to Jared Kushner, President Donald Trump’s senior adviser and son-in-law.

Personal anecdote time, try not to yawn too much: Every year my town throws a "business social," wherein we invite dozens of movers and shakers to a hoity-toity gathering in the hopes of attracting investments. Last year, one of the speakers was a lady simply giddy with the prospect of Opportunity Zones. She's a banker, but in the investment division, and while I was waiting patiently to hear about how this might improve our town, she spent the entire time (much more than any other speaker) talking about dodging Capital Gains taxes. In short, the more the merrier. Meaning, the really high-dollar projects are preferred, and result in the best "return" on said investments. Not much room for affordable housing in that formula. Here's more from the people who really understand this:

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