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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law > Taxation law
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Only the Rich Can Play - How Washington Works in the New Gilded Age (Hardcover)
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Only the Rich Can Play - How Washington Works in the New Gilded Age (Hardcover)
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David Wessel's incredible tale of how Washington works-and why the
rich keep getting richer-starts when a Silicon Valley entrepreneur
concocts an idea that will save money on his taxes and spins it as
a way to ostensibly help poor people. He organizes and pays for an
effective lobbying effort that pushes his idea into law with little
scrutiny or fine-tuning by congressional or Treasury tax
experts-and few safeguards against abuse. With an unbeatable pair
of high-profile sponsors, bumper-sticker simplicity and deft
political marketing, the Opportunity Zone became an unnoticed part
of the 2017 Trump tax bill. The gold rush followed immediately
thereafter. In Only the Rich Can Play, Wessel follows the money to
see who profited from this plan that was supposed to spur
development of blighted areas and help people out of poverty: the
Mandalay Bay Hotel in Las Vegas, the Portland (Oregon)
Ritz-Carlton, the Mall of America, and self-storage
facilities-lucrative areas where the one percent can park money
profitably and avoid capital gains taxes. And the best part: unlike
other provisions for eliminating capital gains taxes (inheritance,
for example) you don't have to die to take advantage of this one.
Wessel provides vivid portraits of the proselytizers, political
influencers, motivational speakers, consultants, real estate
dealmakers, and individual money-seekers looking to take advantage
of this twenty-first century bonanza. He looks at places for which
Opportunity Zones were supposedly designed (Baltimore, for example)
and how little money they've drawn. And he finds a couple of places
(Erie, PA) where zones are actually doing what they were supposed
to, a lesson on how a better designed program might have helped
more left-behind places. Readers will feel outraged as Wessel gives
us the gritty reality, the dark underbelly of a system tilted in
favor of the few, with the many left out in the cold.
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