The Daily Beast, May 2, 2016: Cory Booker and Tim Scott’s Bipartisan Plan to Wage a Smart War on Poverty
“Their bill would incentivize long-term private investment in distressed communities by allowing individuals and businesses to delay payment of capital gains taxes by putting cash into Opportunity Funds. This could create a far more productive use of the estimated $2.3 trillion in capital gains Americans have sitting in cash. These funds would be targeted toward distressed communities identified by state governors, designated Opportunity Zones, with the money used to fund local start-ups, build small businesses, or develop properties, while mitigating risk by broadening the investor pool.”