Description
Book Synopsis: In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super-rich, and inequality compounds.
David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur develops an idea intended as a way to help poor people that will save rich people money on their taxes. 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.
David 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 Las Vegas strip, 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 Opportun
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Are you tired of watching the rich get richer while the rest of us struggle to make ends meet? Introducing "Only the Rich Can Play: How Washington Works in the New Gilded Age" - a ground-breaking book that exposes the truth behind the creation of massive tax breaks that benefit only the elite. Written by a New York Times bestselling author, this eye-opening narrative uncovers the shocking collusion between political and economic elites to further widen the gap between the rich and the rest of us.
Discover the captivating story of a Silicon Valley entrepreneur whose idea, initially intended to help the poor, ends up saving the super-rich money on their taxes. With an unprecedented lobbying effort behind it, this idea becomes law with minimal scrutiny or consideration of potential abuse. The result? The Opportunity Zone, a little-known provision hidden within the 2017 Trump tax bill that became the playground for the wealthiest individuals looking to maximize their profits.
With "Only the Rich Can Play," author David Wessel takes you on a fascinating journey to unveil the true beneficiaries of this scheme. From luxury resorts like the Portland Ritz-Carlton to the iconic Mall of America, Wessel reveals how the super-rich found loopholes to park their money and dodge capital gains taxes. What's even more astonishing is that unlike other tax provisions, you don't have to wait until you die to take advantage of this one - it's an opportunity you can seize right now.
Through vivid portraits and painstaking research, Wessel exposes the network of influencers, consultants, and real estate moguls who are reaping the benefits of this tax break. He examines the impact on supposedly blighted areas like Baltimore, revealing how little money actually flows into these communities. However, Wessel also uncovers a few success stories, such as Erie, PA, demonstrating how a better-designed program could have made a real difference for those left behind.
Get ready to uncover the dark underbelly of a system that favors the few at the expense of the many. It's time to empower yourself with knowledge and demand change. Don't miss out on this eye-opening journey. Grab your copy of "Only the Rich Can Play: How Washington Works in the New Gilded Age" today and join the fight against inequality.
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