Opportunity Zones Are Just the Same Old Tax Incentives That Hardly Help the Poor

Texas Gov. Greg Abbott recently proposed a list of 628 low-income census tracks, including 53 in North Texas, to be designated Opportunity Zones by the U.S. Department of the Treasury.With a name like Opportunity Zones, the program is hard to resist. After all, who opposes opportunity? In reality, the program is likely to benefit high-income taxpayers and developers, divert investment from more to less productive uses, while providing at best modest benefits to low-income residents living in the zones.Opportunity Zones are a new set of tax incentives included in the 2017 federal tax reform bill. Investments in approved locations will receive preferential tax treatment meant to spur economic activity.  Continue reading...