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What’s going on?
A provision in the tax overhaul plan that President Donald Trump signed into law last month opens a door for venture capitalists to invest in impoverished areas where people need jobs.
How does it work?
The law introduces “Opportunity Zones,” designated areas where businesses can avoid capital gains taxes. The idea is to incentivize venture capitalists and corporations to invest in communities with sluggish growth and high poverty.
Why didn’t I hear about this earlier?
Republican leaders and the White House failed to promote this section of the bill; the “opportunity zones” plan was tucked away on Page 130 of the tax reform law. The zones were first introduced last year by Sen. Tim Scott (R-S.C.) and co-sponsored by several Democrat lawmakers at the time.
“I had to explain it several times to folks,” Scott told the New York Times. “I came out of one of these communities, so I believe that there’s untapped potential in every state in the nation.”
If this provision is “the government actually cracking open a window of opportunity for private businesses to do what they’re best at,” then it’s great news. It’s time to get out of the way of American businesses and let them improve quality of life for communities that have been struggling for way too long.
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