Only the Rich Can Play : How a Billionaire Sold Washington a Bonanza for the Wealthy as a Way to Help the Poor
(Book)
Author
Edition
First edition.
Physical Desc
337 p
Status
Adult Nonfiction / LIFE & SOCIETY
320.53 / WESSE, D / only ric
1 available
320.53 / WESSE, D / only ric
1 available
Description
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Copies
Location | Call Number | Status |
---|---|---|
Adult Nonfiction / LIFE & SOCIETY | 320.53 / WESSE, D / only ric | On Shelf |
More Details
Format
Book
Edition
First edition.
Street Date
2110
Language
English
Notes
Bibliography
Includes bibliographical references and index.
Description
"David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur concocts an idea that will save money on his taxes and spins it as a way to ostensibly help poor people. 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. In Only the Rich Can Play, 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 Mandalay Bay Hotel in Las Vegas, 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 Opportunity Zones were supposedly designed (Baltimore, for example) and how little money they've drawn. And he finds a couple of places (Erie, PA) where zones are actually doing what they were supposed to, a lesson on how a better designed program might have helped more left-behind places. Readers will feel outraged as Wessel gives us the gritty reality, the dark underbelly of a system tilted in favor of the few, with the many left out in the cold"--
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Citations
APA Citation, 7th Edition (style guide)
Wessel, D. Only the Rich Can Play: How a Billionaire Sold Washington a Bonanza for the Wealthy as a Way to Help the Poor (First edition.).
Chicago / Turabian - Author Date Citation, 17th Edition (style guide)Wessel, David. Only the Rich Can Play: How a Billionaire Sold Washington a Bonanza for the Wealthy As a Way to Help the Poor. .
Chicago / Turabian - Humanities (Notes and Bibliography) Citation, 17th Edition (style guide)Wessel, David. Only the Rich Can Play: How a Billionaire Sold Washington a Bonanza for the Wealthy As a Way to Help the Poor .
MLA Citation, 9th Edition (style guide)Wessel, David. Only the Rich Can Play: How a Billionaire Sold Washington a Bonanza for the Wealthy As a Way to Help the Poor First edition.,
Note! Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy. Citation formats are based on standards as of August 2021.
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