Trump’s tax cut to help the poor
President Donald Trump’s 2017 tax law was meant to drive investment in the opportunity zones which are the undeveloped areas. The approach used to attain this is providing attractive breaks from tax so that investment can be started in the poorer areas, which will be selected by the governor of the state.
During the selection of Port Covington, another Maryland community was excluded from the opportunity zone program. Numerous investors will be attracted, the neglected areas' economic growth will be fortified in the Opportunity Zone. This, in turn, will benefit the communities in the surrounding areas in the upcoming period. The development of Port Covington can help various neighborhoods of south Baltimore which are struggling. This development program got the complete support of the governor.
The Tax Curbs and Jobs Act was signed in the year 2017 by Trump. The opportunity zones play a vital role in helping out the poor by building homes, schools, businesses, and communities. Even in the case of long term investment, the capital gains tax was reduced to zero in these zones. A marketing boom occurred with the tax break in which Wall Street pitched investors to invest in such zones. But some are of the opinion that there is no assurance that the investment is going to help the needy and there will be definitely an outside influence.
Many of the waterfront property was bought in the isolated areas of the south of downtown Baltimore by Plank. His net worth is around $2 million. Then, after one year Plank presented its vision before the general public in the form of TV, ads, print media. He controls 40% of the Sagamore Development area that will be named as an opportunity zone.
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