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The Trump administration's multibillion-dollar tax break that is supposed to help low-income areas became a windfall for the wealthiest Americans.
The goal of the tax benefit was to persuade investors to pour funds into poor neighborhoods, known as opportunity zones, leading to new housing, businesses and jobs.
Instead, billions of untaxed investment profits are beginning to pour into high-end apartment buildings and hotels.
The opportunity-zone tax break targets at the trillions of dollars of capital gains and profits held by rich Americans and their companies. The tax break is benefiting the real estate industry and it is luring people with personal or professional connections to the president.
However, backers of the opportunity-zone program say luxury projects are the easiest to finance, which is why those have been happening first. Over the long run, they say, those deals will be "eclipsed by ones that produce social benefits in low-income areas."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Marguerite Casey Foundation, Marguerite Casey Foundation, Kresge Foundation
Stephen Stephens' father died of cancer when he was 53, and his message to young people has stayed with him. "Always do the right thing son," he tells Fast Company. "That message has always...more
Foundation: Indianapolis Foundation
Lynne Arriale's new album, Being Human, is all about "people who exemplify Passion, courage, love, curiosity, and other human qualities," the Florida pianist tells Rita Kohn of the Indianapolis...more
"If the class register were anything to go by, education would be one of modern civilization's greatest success stories." That's what Peter Wilson, a member of the UBS Accelerate Collective, had...more
Foundation: Gates Foundation
Melinda French Gates is stepping down as co-chair of the Bill & Melinda Gates Foundation, which she founded with her ex-husband Bill Gates more than 20 years ago. As part of an agreement made...more
Ahmad Al-Mallahi is a professor of agricultural engineering and sensing technologies at Dalhousie University in Halifax, Canada, and he's spent the past five years developing technology that could...more
Deforestation in south-east Asia could slash the region's GDP by 35%, according to a new report from Reuters. And that's not all. The report also finds that $100 billion pledged to fight...more
"At a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere." So says the head of the African Development Bank in praising...more
The People's Bank of China says it will start allowing people in China to use the country's new digital currency, the Digital Yuan, to buy goods and services starting next month, the BBC...more
When it comes to corporate social responsibility, India's government and public sector companies are at the top of the list. But when it comes to companies of all sizes, they're at the bottom,...more
The world's biggest state investors are getting into the business of making positive social and environmental impact investments. Singapore's Temasek Holdings, one of the world's largest state...more
Social Entrepreneurship
Spotlight
Celebrity Chef Jamie Oliver Backs Social Saturday
UK will be celebrating its first national celebration of social enterprises dubbed as Social Saturday. World famous celebrity chef Jamie Oliver, who founded the Fifteen restaurant chain.
