Big businesses could be taking an ax to poverty. Lawmakers on Capitol Hill are getting creative with a new bill that would defer capital gains taxes, and allow corporations to put that money towards impoverished communities.
“We’d see more hope in the eyes and the hearts of young Americans,” said Sen. Tim Scott (R-SC).
Scott authored the Investing in Opportunity Act, which gives companies and individuals a deferral on their capital gains tax if they invest in ‘opportunity funds’, that would build up poor communities. Scott grew up poor in North Charleston, S.C. He says this legislation would literally hit home.
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By: Peter Zampa, Gray DC
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