Some affluent areas in Arizona are designated as ‘distressed’ under federal program

May 9, 2022

PHOENIX (3TV/CBS 5) – “When President Donald Trump created the “Opportunity Zone” program in 2017, the intent was to inject investor capital into distressed communities. The goal was to help revitalize places like Coolidge, Arizona. But more than four years after the program began, there is little or no data to show if the opportunity zones created the intended prosperity.

‘The only thing we can say for sure is that wealthy people are paying less in capital gains tax, federal capital gains tax, and state capital gains tax than they would otherwise,’ said Greg LeRoy, who is the executive director of the watchdog organization, Good Jobs First.”

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