As peaceful protests are co-opted by violent rioters, urban neighborhoods that have already been hit hard by the coronavirus are now being vandalized and looted.
It's good to see that important discussions about inequality are finally taking place, but these neighborhoods need more immediate answers about how they can start to rebuild. Fortunately, there’s one policy that’s already put some areas on the road to recovery, and it’s poised to help many more.
According to an initial data analysis of confirmed coronavirus cases in New York City, individuals with an average income of $36,245 a year or less accounted for approximately 36% of cases. At a recent White House meeting, Scott Turner, executive director of the Opportunity and Revitalization Council, pointed out that “distressed communities generationally have been behind. And now, with the COVID and the recovery ... they have been severely hit.”
There’s one existing tax incentive that will be key to their recovery: the opportunity zone tax incentive, a component of President Trump's 2017 tax reform package that offers investors tax benefits for investing in low-income communities.
Read the whole op-ed in the Washington Examiner.