BLOG

Here’s Why the GOP Tax Reform Plan Is Good News for Areas With High Poverty

What’s going on?

A provision in the tax overhaul plan that President Donald Trump signed into law last month opens a door for venture capitalists to invest in impoverished areas where people need jobs.

How does it work?

The law introduces “Opportunity Zones,” designated areas where businesses can avoid capital gains taxes. The idea is to incentivize venture capitalists and corporations to invest in communities with sluggish growth and high poverty.

Why didn’t I hear about this earlier?

Republican leaders and the White House failed to promote this section of the bill; the “opportunity zones” plan was tucked away on Page 130 of the tax reform law. The zones were first introduced last year by Sen. Tim Scott (R-S.C.) and co-sponsored by several Democrat lawmakers at the time.

“I had to explain it several times to folks,” Scott told the New York Times. “I came out of one of these communities, so I believe that there’s untapped potential in every state in the nation.”

Glenn’s take:

If this provision is “the government actually cracking open a window of opportunity for private businesses to do what they’re best at,” then it’s great news. It’s time to get out of the way of American businesses and let them improve quality of life for communities that have been struggling for way too long.

This article provided courtesy of TheBlaze.

GLENN: Wow, was that Republican back tax plan evil or what? And if you did get a raise or a bonus or anything, those are just crumbs. At least those are the lines from the Democrats that the plan is all about lining the pocket of the companies and rich people. Although, in California, they're trying to claw all that money back and trying to tax the companies on all of the profits that they -- that they now get to keep because of the federal income tax.

Trickle-down economics. It's a myth invented by Republicans to make you just poor and miserable. Democrats have repeated basically the same line since Andrew Jackson, and I'm not kidding.

And the media has helped them repeat that message over and over and over again. And our so-called educational institutions are just feeding that nonsense to our children day and night.

Now, I want to make sure everybody understands. I mean, I -- I mean, you know, the tax plan was not some genius, oh, my gosh. Look at this. A real overhaul. It was a mediocre plan that could have been a lot better. But I will take it, and I will celebrate that we have it. But let me point out one part of the tax plan that's really good, that nobody has really talked about. And it's designed to help some of the most economically depressed areas in the country. It's a stealthy part of the tax plan. It's buried on Page 130 of the bill. And it allows states to designate certain regions within the state borders as an opportunity zone.

Now, these are the areas with high poverty, unemployment, slow business growth.

And what this tax plan does, it allows businesses and venture capitalists to invest long-term in these opportunity zones. And by doing it, they can save a ton of money through avoiding capital gains taxes. This is really good. This is how this works.

Over the last five years, the US economy has grown and at jobs. But the growth has been mostly in large cities. From 2010 to 2014, prime Obama years, more businesses closed in rural America than opened.

You know Democrats, if you would just hear that, you might start to figure out why Donald Trump won. There's another reason.

Now, with this and the new tax plan, investigators will be able to create opportunity funds for these zones around the country and cede new businesses. Expand existing businesses or develop real estate.

If the investors maintain their investment for ten years, they avoid paying capital gains taxes altogether.

That is gigantic. The chairman of President Trump's council for economic advisers said, if this plan works, quoting, we'll look back ten years from now and say this is one of the most important parts of the tax bill. And nobody really even talked about it.

Plenty of ways to be cynical about a provision like this. Maybe it's a corporate scheme to take rural America for a ride while avoiding taxes.

Or maybe it really is what it sounds like. The government actually cracking open up a window of opportunity for private businesses, to do what's -- you know, what they're best at. And the process helps parts of the country that really need the boost.

What a concept.

RADIO

Was Dr. Fauci involved in a COVID cover-up?

Released emails between virologist Christian Anderson and Dr. Fauci during early 2020 show Dr. Fauci was aware several, competent doctors believed the COVID virus contained genomes 'inconsistent with expectations from evolutionary theory.' Or, in other words, they didn't believe it simply evolved from a bat. So, then, what changed? And why was Fauci so concerned when a 2012 paper regarding his interest in 'gain of function' research began to circulate online? It's all just speculation for now, but Glenn shares HIS theory: Fauci may have been involved in a major COVID-related coverup…

RADIO

THIS is why Dr. Fauci’s emails ELIMINATE his credibility

Glenn breaks down the recent Dr. Fauci scandal, explaining WHY his recently released emails are so damning. Not only do his correspondence disprove the theory he was being censored by the Trump administration, but they eliminate any credibility he may have once had on the COVID pandemic, too. Even further: they confirm he lied under oath. The mainstream media may want you to think he's 'Mother Theresa in pants,' but these emails tell a MUCH different story. So, is it finally time to #FireFauci?

BLOG

LIVE NOW: Golden State Gulag: California's pursuit of Communism is a WARNING for America

California has gone to hell. Homelessness and violence have spiked. Civil liberties and businesses have been destroyed in the name of "COVID safety." Children have been brainwashed with racist critical race theory. And yet, Democrats want to use California as the test model for the entire country. Your state and your town are next. They want their FAILURE to become YOUR FUTURE.

Dave Rubin, host of BlazeTV's "The Rubin Report," moved to Los Angeles about a decade ago. In that time, he's watched it descend into absolute chaos. While most of his news and comedy friends have fled, Dave tells Glenn Beck why he's riding it out and how the rest of the country must save itself from progressive policies and "evil" governors like Gavin Newsom — or else the great American experiment will be over.

Watch the full episode below:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

RADIO

4 QUESTIONS the DHS must answer regarding their domestic ‘terror’ warning

The DHS recently released a rare terror bulletin, warning Americans of an increasing threat: domestic extremists. But if the Biden administration believes there's a grave danger to the American people, WHY are they not providing us with the information we need to protect ourselves? Or is it all due to politics? Glenn has four questions he believes our officials in DC must answer. For example, WHY are the Capitol rioters being treated like prisoners at Guantanamo?

To watch Glenn's full 'Innocent Until Proven Conservative' TV episode, head to BlazeTV.com.