... and let others pay for the upkeep of the country that enabled your success :).
The main intent is that they be things like machine shops and the like that supply jobs and a bit of spin of economic activity (workers go get lunch etc).
Having people work in a coworking space may not be what they had in mind, but if those people go out to lunch in the zone, mission accomplished.
You can argue if that works well or not but the tax advantage does not exist in a vacuum.
Rule of thumb: Their mouth is moving.
Although his father also trained him not to be decent or honest.
I assume you're talking about the SALT deduction? The one that mostly benefits the highest income earners?
Interesting how when people personally benefit from a tax break it's "entirely justified", but when someone else does it's a "massive special interest handout".
The average beneficiary of opportunity zones is generationally wealthy. A pair of tech workers pulling down 7 figures a year are stupidly wealthy and still would probably not have enough capital to be the primary beneficiary of an opportunity fund.
I’m not going to defend the salt deduction because I’m not a fan of it for the reasons you mention, but comparing SALT to opportunity zones is genuinely delusional.
Pitting the lower middle class against the upper middle class over a modestly regressive tax break while folks who haven’t worked in three generations pay a 0% tax rate on the fruits of others’ labor.
These investments can be as simple as opening a store. Youre putting up a straw-bogeyman that doesn’t actually exist.
When an investor gets a billion dollar return, remember that is the value from a company that likely provides billions more to local economies.
I have no idea why that would be true, especially if it's an online business where highly paid people go to a campus and don't leave until it's time to drive home.
Want a bigger list? Here's several thousand billion dollar companies: https://companiesmarketcap.com/
How many don't pay local property, income, unemployment, and other taxes?
Not every new company is an online mythical virtual company. When someone presents reasonable evidence, if your first reaction is to latch onto outliers and pretend they're common, you should check your biases versus reality.
We're on a site about tech startups, reading an article about tax avoidance by a tech startup and many people on the board are saying they want to do that tax avoidance. I don't think I have to worry that I cherry picked the type of company as a tech startup.
> How many don't pay local property, income, unemployment, and other taxes?
Well, we're only talking about the founders/investors paying taxes (cause this is referencing their capital gains). So, the founders wouldn't pay local property (in the low-income district they commute to) or unemployment taxes at all, and the vast majority of their income comes from capital gains, which this is avoiding, so yeah, they don't really pay that either.
Furthermore, you're replying to my comment that companies pay significant local taxes.
So yes, if you ignore all other benefits companies bring to the region, ignore the purpose and benefits of those breaks, ignore the comment you're replying to, and ignore that most companies using these tax breaks don't fit your claims, then yes, you can be correct for goalpost moving post selected cherry picking. Congrats.
Stop paying your taxes for a moment, even a small amount say $2000 and witness how much expense the system is willing to spend to try and claw back that tiny amount from the individual.
The people enacting these systems don’t even “pay their share”, yet they’ll be the first to try and make you angry at others while taking profit from hours of your labor daily.
The system is rigged.
When the government says "Billionaires" they are talking about the non-elite rich.