(RepublicanPress.org) – Former President Donald Trump knew how to pull lawmakers together and get things done. As a result, Congress passed Trump’s sweeping tax cut bill during his first year in office. Within the tax bill was an initiative that allowed cities to create “opportunity zones” for low-income Americans.
Congress designed those zones to attract local investments by offering tax-related incentives. Preliminary data from the Government Accounting Office (GAO) and the IRS from 2019 indicated nearly 18,000 investors contributed roughly $28.9 billion towards thousands of “Qualified Opportunity Funds,” the investment vehicles empowering the opportunity zones.
According to a new report, designated low-income areas labeled "opportunity zones" have drawn nearly $29 billion in new investments.
Senator Tim Scott: "Opportunity Zones are changing the game for thousands of communities across our country."https://t.co/olGWU3orEl
— Free Telegraph (@freetelegraph) November 10, 2021
Rep. Tim Scott (R-SC), who championed the initiative, recently spoke out about the Trump-era program’s massive success. As he explained, creating opportunity zones has had a positive effect on “thousands of communities” from coast-to-coast. He added that “empowering the private sector to make direct investments” in struggling communities has helped revitalize neighborhoods throughout the US.
Scott also pointed out the recent revelations by the GAO and IRS provided ample proof the Trump tax cuts “delivered relief” to the nation’s “most vulnerable” people. He concluded his remarks by contrasting that success with recent drives by Democrats to promote their tax and spend agenda.
Perhaps it’s time for Democrats to embrace Trump-era programs that provided tax relief and incentivized growth instead of trying to force their multi-trillion-dollar social infrastructure program. What do you think?
Copyright 2021, RepublicanPress.org